My blog is meant to give you ideas, it is not investment advice.

Monday, July 13, 2009

Upside Bias

A slight pull back early tomorrow is likely, in which case, I think the market will trend up for a few days to touch against its declining resistance line. I think if it makes contact, it'll bounce down off of that to retest support.


S&P 500 Daily

Once it bounces down off of resistance, this a critical juncture in which it either breaks to the upside or downside. I think downside, but good economic news with a break to the upside might change my tune. Also, Oil, I believe will ultimately bottom below $60, in the proximity of $55. When this bottom forms, it'll likely coincide with a bottom in stocks.

Gold already bounced, and it looks like DBC and SLV are beginning to bounce.

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