Headline - Stock & Commodity Update
See below for portfolio update.
Metals
We are still in a weekly sell signal and a daily sell on Gold as you can see from the chart below at a time of seasonal weakness for Gold which is indicated by the orange chart at the bottom. We may see Gold fall to 1550 and even 1400 over the next few days so we are holding our November Puts.
In the event of a fall in Gold, Silver could pull back temporarily to $20. We maintain our long position aswell as our Jan 2013 call options.
Currencies
We are entering seasonal strength for the Euro from now until January. We are just waiting on a buy signal and if we get one we are looking to buy the Euro on a pullback to 1.37 down to 1.365. Currently Euro is 1.382 and we expect it to rally up to 1.43 area. We will keep you informed.
We are also tracking Sugar on a possible move to the upside. I'll keep you posted.
Stocks
Overall Market Plan
We are expecting a run up in the market for the next few weeks from 1235 up to 1260 which will bring the S&P back to level for the year. We aim to get out of our stocks at this point and buy back in to some other sectors on a pull back to 1180.
I am cancelling Macys, LEG, CISCO, & SCX. The stocks pulled back but we never got filled. and they have now run away from us.
I am adding CB Richard Ellis Group -
CBG. Currently looking to buy on a pullback to fill the gap indicated on the chart at 14.68.
Risk is down to 13.30 range. Minimum upside target is previous consolidation and resistance area of $20.00.
Good risk Reward ratio. Risking $1 for $5. There is also good on balance volume move to the upside coupled with a buy Signal.
The portfolio is here.
"Whatever happens commodities win"
Best,
Robert McManus
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