Jan 4

Weekend Outlook updated for 5th January 2015

Again happy new year to everyone.

Here is my current view:

1. NYSI about to get a buy signal , this should be better for bulls for a steady rally higher.

2. As long SPX remains above MA50 I see no worries for bulls imo , so right now it looks like just a pullback recently before new all time highs, I think we rally higher toward 2100 and maybe toward 2120-2130.

3. Oil looks like found a short term bottom , or might test 50$ big pivot mark first early this week. However a short term rally should occur toward 60-70 next before we see another dip in oil prices. Lots of oil names looking good including SDRL, EXXI and RIG, HAL.

4. Gold need to break this long term trendline before we can say a bull market has started in Gold since November lows. Gold holding up pretty well vs US dollar rally lately , another strong sign for gold/silver which I believe has made a bear market bottom at 1130s and has started a new bull market higher.

Need a confirmation above trendline 1220-1240 near term.

Conclusion: All in all , I think markets is most likely going to trade higher from here near term in the coming weeks ahead. Seasonality also strong at least until mid January so expect few more weeks of upside before we start a larger correction down


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