Sunday, May 27, 2012

My thoughts for the week ahead

The market did what I expected overall (review last weeks post), with a early week swoon and recovery in metals and miners that knocked me out of some positions. Below I attached the current trades and those I closed this week.  Overall I am happy with my performance.

I am again neutral on SPY with condors at 135/137 and 128/126, I am expecting that bear flag channel to break and I will buy puts.

Gold and the gold and silver miners look good and I am long miner positions and went long GLD calls on Friday.  Silver and Silver Wheaton still have a little work to do before I execute a buy, but I have little doubt the direction is up.

Oil is sitting on a 61.8 fib line retrace from October, and I took a stab at some bullish call spreads.  If that fib line fails, we go back to those lows and I will go short oil.  Nat Gas is pushing down a bit, but Hurricane season should give it some support.

Platinum is making higher lows and am getting interested in buying.  Coal, steel, copper, and grains are all neutral, although I am expecting JJG to start making a move.  The fertilizer stocks are waking up, as well.

Below are some charts for your review.  Remember to follow me @RTTSBasic for free market commentary and some free trades during the week.

I will update stops Monday night after I get a sense of the action in the futures markets.  The spreadsheet below are trades I tweeted.  Blue line are closed/stopped trades for the week.

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