Hello everyone,
As Prophet Alerts subscribers know, I have been looking for a potential bounce in the market, namely from the 9,774 level as a potential bottom off the May 25th lows. It seems the market is looking for a pop, whether short term or longer term is still to be determined.
Key levels to look for in the Dow are 10,237 and 10,238 (200day EMA and Moving Averages). There is a lot of resistance above this market but I feel a short term pop to Dow 10,500 may be possible if we can get some catalysts next week. The market has become extremely news driven, and going into options expiration week I feel we should get a pop so market makers can profit on the puts sold to the bears this past week. I guess we will see!
I go over in this video our AKS position that I have been scaling into. My average price is now $13.56 in my trading account and $12.66 in my Roth IRA. I love this stock long term, my short term price targets are $16-18 however.
Subscribers also know I am bullish on UCO and oil in general. Crude oil inventory data was very bullish last week, and I dont expect a change of that trend next week. As I mentioned in the chatroom yesterday, I was looking to get long UCO on weakness and today was a perfect opportunity in my opinion. Looking for $11-12 out of this one.
I also bought SIRI at $1.02 because it is breaking a flag formation on the daily chart and it closed above the 10 and 50 day Exponential Moving Averages. I think this is a good risk/reward trade here as Sirius Satellite Radio may want to test the $1.10-1.20 levels in the near future.
Anyway, check out my video recapping the market and some of our open positions for this week:
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