ES Got it right last week for the most part. Went below the 2000 before turning. Now it is wanting to hold here. If it breaks the 2080 it will move a little higher. I think it is going to hold here for a bit. We shall see.

TF Same read as the ES

CL Oil is still in trouble. I have no real support until the 32 area. It will probably find refuge at 40. It sure needs a break. Still heading south though.

GC watch 1239 for the breakout. I think it will chop here for a bit between 1175 and 1239. The bigger chance is that it will do this and eventually break out.

USD/CAD Looking like this is going higher. The strength into this spot is moving quickly. If the resistance does not hold, next stop is the area above. Oil is not helping and it has a lot to do with what happens in Canada. So we shall see I would want to have confirmation of a break out (long) or a pull back (short). My thought is the break out. We shall see.

ES is more than likely going to pull back. It started Friday. The traders that were forced to work over the holidays drove it up on very light volume. Now the pull back is on. look for the turn around the 2000 mark.

TF pulled back Friday however it found some support just outside last weeks price action. Developing a new swing until it closes below the high candles low which is this weeks candle. I do not trade the TF but it can give a clue as to what will happen to the ES.

CL Down down down. May find support at the 50ish area. Looks to me like this is no going to hold making the next stop at the 31-33 area. Shorts are enjoying this ride.

GC is trying to leak out to the 1100 area. If this area holds look for it to move to 1340 then to 1390.

This high has a few things happening that have me proceeding with caution. First off the latest COT report has small spec very bullish and the Large spec getting bearish. Big money is short. However price is king and price is rocking to the upside. I think this goes to the 1877 area then pulls back. I am not sure it will be a topping pattern for the /ES. We shall see. The DIA etf that mirrors the Dow is another story. I mentioned a few weeks back that I am getting short signals for the Dow. $DJI watch 16522. I think this holds and we see it head south. I am waiting for this next turn down before I short it. Gold, Silver and the miners are taking off. this could be another sign that we are not going to get much higher. In summary price is king and we trade what we see. Happy trading.

What was resistance is now support. The wild thing is how this has broken the long term channel. Patterns are down my list as far as what I like to look for, however when they are as obvious as that channel you have to pay attention. I will start to look for how this behaves when it starts to pull back. The longs I am in are doing great. I am not in anything short and see no reason to short this market. So watch for the pull back and look for the strongest stocks to enter long. Happy Trading

After the support line held. It was off to the races making a new high Thursday. Then Friday blasting even higher. What I believe is happening is many hedge fund guys became real cautious when the politicians in Washington had their showdown. As a result they now need to get in as fast as possible. So here we are with new highs. This week I am looking for this to pull back. I have a handful of calls I will be getting into as the market pulls back into the 1710-1725 area. Let’s see how it goes. Happy trading.

I am not posting a new chart even though it shows what I thought would happen. The bottom up trend line held. This means that I am still bullish. Thought for a bit last week that it was going to reverse. The politicians that we elected almost messed it up. These guys and gals are really amazing. Our Government brings in around 3 trillion in Taxes per year and we owe around 17 trillion. One of the house representatives out of Oklahoma put it well today. This is like a married couple fighting over their finances when they are way in debt. I have a solution. You and I need to start to live as close to debt free as possible. Change the individual and you will change the country.

Well we are still flirting with this support area. Last post I talked about the 1670-1680 area. I see this area holding. I also got the politicians wrong. I thought they would keep the government open. Now the battle is over the debt. Going to be interesting to see how this ends. I am still long term bullish and short term bearish. I think this area will hold and start a climb from the 1665 line I have drawn. Went to Vegas this weekend and met some of my trading friends. What a great time with a wonderful group of people. I also met Oscar Carboni. He is a riot. I look forward to learning more about him. Happy Trading!!