Friday, May 27, 2011

Short term trend turning bullish

The market closed over the TA today and it is turning the short term trend bullish. However, we need confirmation in the next couple of sessions. Ideally, the market would break over the upper bearish channel. In the intermediate term picture, I see the market about to start a bullish leg as well so maybe this will be the start of a bullish wave that will last for few weeks. I was tempted to add longs (to my already long position) but I think I rather see the channel break before making the jump. Aside from US equities, gold, oil, silver, and emerging markets are all confirmed bullish and I will start positions next week in EEM, USO, FXI and some SLV. I have my gold positions from few months ago and I will probably cash in when the intermediate bullish wave is done.

I also have been working my my site and I will be launching it soon hopefully, the address is have a great weekend!

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