Update For Week Of May 7, 2012

When markets want to act irrational, best thing is to step aside till balance is restored.

$GDX bounce to 46.
$UUP hit our 22 target and will have a hard time getting much more higher, look for pullback in the intermediate term.
$XLE bounce backtesting
$FXE bounce
$XLK should see a bounce out of here soon. Needs to find itself above 29.
$MA sitting right at our target, now if it can not hold up look for 417.
$SSO needs to hold above 55.50 and $SPY above 137.50 in the next couple trading days in order to rebound.

More to come…


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