Sunday, May 25, 2008

Weekly trends

Remains on a weekly continuation buy. Target still remains at 970-980. Still long GLD from 89. Took partial profits this week and bought some silver.

Issued a fresh weekly continuation buy this week and confirmed Gold's last weeks advance. Bought some Silver using SLV at 80. Will add more if we get to 75.

Dollar index went to weekly continuation sell this week. Initial target is about 69-70. No positions here.

I was expecting a ST top on Friday last week. But it came a day late on Monday. We are approaching the ST target on SPX around 1360-70 area, where a multi-week rally should begin which should not take out the 5/19 highs. SPX appears to be in a mulit-week sideways to down correction.

My call on SKF last week was spot on. I had a target of 109-110. But i took profits prematurely at 106. XLF has a downside target of about 24 based on the weekly charts and we are almost there. No positions here.