Backing And Filling

Early last week I stated that I was looking for the Dow to pull back for 2 days and then a sharp move higher. The next day the Dow was down 144 points and then the next day the S&Ps pushed down to 2057. I was looking for the S&Ps to pull back between the 2075-2085 area. The S&Ps pushed a bit further down. On Thursday the markets opened down then reversed up and closing up for the day. The way the markets reversed seemed like the unemployment number due out on Friday was leaked, then on Friday the markets exploded up over 250 points. The jobs number came in weaker than expected and the prior month number was revised down. The markets loved the number. Even though the unemployment rate dropped by a tenth the expectations that the federal will not raise interest rates. Earlier in the week I liked MSFT between 46.80-47.40. MSFT traded down to the low 46 and then sharply bounced. I said I would sell MSFT between 47.40 and 48. Also I said I would buy NUGT between 10.80-11.40 .NUGT traded down to 10.60. I said I would sell NUGT between 11.40 and 12. Both stocks were off the daily charts. Oil I think has seen a short term top. Today stocks like SN , PVA got hurt while oil was down small in the mid-59 range. Gold I am still very bullish on I see the next target in gold 1210 area.


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