This week will be bullish with elections on Tuesday
Posted on November 2nd, 2008 in Long Trade, Stock Market |
With the elections on a few days away the market will rise higher on all the energy and buzz. Below are my targets for the week on the market ETFs to hit then we should get a light pullback if we are truely out of the bear market.
Spiders (SPY) - high of $100 -$105 then I would be cautious.
Diamonds (DIA) high of $97-$100 then I would be cautious.
PowerShares QQQ (QQQQ) high of $35-$36then I would be cautious.
PowerShares DB US Dollar Index Bullish (UUP)
The US Dollar is due for a pullback. As shown in the chart below of the UUP, friday’s volume was very low on an up day which means there are few buyers. I highlighted in the green circle where I expect the price to fall to. This should take about 5-8 weeks to get too. This means I am bearish on the US dollar which I posted on Oct 23. You can buy the UDN which is the bearish US dollar ETF
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