Nov 17

Weekend Outlook for 18th November 2013

1. VIX remains at very low levels hitting my downside target of 11.75-12 (I believe we are at the bottom on VIX which means most likely – SPX is near a top.

2. I had a target for the last push higher on SPX 1800-1802 ,, it is still possible we could see a move up to this level before we start a correction.

3. I remain extremely bullish on Gold/Silver still from here – thinking of a rally into 2014 – target is 1600-1700 on Gold.

4. GDX and gold miners remains extremely cheap – GDX should rally hard from current levels

5. SPX hitting a LONG TERM trendline from past tops looking back.

Conclusion: So far SPX following roadmap with the upside target of 1800-1802 – after this rally is done , we should start to see a major correction (or start of bear market) need to see how it develops near term. My long term upside targets of 1775-1800 has been met. But I favour to short markets at current levels.

 

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