There was a decent selloff last week, and we bounced right where expected on the ~153.00 to 153.50 level on the SPY, that had been resistance and support previously. Gold, silver and the miners had terrible weeks and are quite oversold, so I'm expecting a small bounce this week, both in the markets and the metals. However, I think this will be a short bounce and we should see more lower lows in the coming weeks. In any case, the short-term trend has slightly changed and it is now better to sell the rips, rather than buy the dips.
On the SPY, I'm looking at a first target of 150, and then the next target of ~147-148, which also coincides with approximately the 50% Fib retracement from the Nov lows to the April highs. I've been short the indices since late March, and covered the last shares on thursday. I'll be re-loading short this week hopefully, around the 156-157 area.
Here are some setups I'm watching this week:
Long: BIOS, MNST, EDMC, RATE, KERX, LGF
Short: MXWL, BBRY, RKUS, WPRT, UPS, GPRE, NFLX
Parabolic: OSTK, ALKS, ACOR, VRTX, ANAC, RPRX, HXM
Bounce: NUGT (the 3x ETF for GDX), SLV (AGQ), GLD (DGP), WLT, CLF, GNK, UTEK, RAX
Also, feel free to check out my free chatroom, link is on the right hand side. We have some great traders and make awesome calls all day long!
Good luck this week!