by Jeff Pierce, Zentrader
In a week where my own personal portfolio experienced more volatility than it has in recent months we look toward a week where I expect some resolution. The Dow appears to be in a large wedge pattern where it should break one way or the other. My timing signal for the Dow and Nasdaq remain under pressure so I wouldn’t be surprised to see further downside. The Nasdaq does seem to be in an area where it has bounced in the past and the long term trend when viewing it relative to 200 ema, is up, so that needs to be considered when positioning oneself on the short side.
When looking at the TSX that has been in a bullish uptrend via my timing signal since Feb 18th, which really speaks to how strong gold has been despite it’s recent pullback.
Gold really needs to find support near $1275 level if it has a chance of catching a bid.
Weeks ago I felt TLT could rally up to $111-115 level. It could still make it, but ultimately I feel a top remains in for bonds and there is a lot of downside in this market.
March closed trade statistics with tradewithZEN are below. Only a few sub positions currently open, membership closes at 100 due to the fact this is the exact watchlist of stocks I trade from. See complete trade results since June here.
- 7 winners with avg gain of 9.39%
- 1 losers at 5.37%
