So as mentioned in my previous post the target level if the market breaks to the upside was 1080. Today it closed at 1080.20. It is always nice to know where the market could go. On Tuesday I was out of 2/3 of my short position, and I was stopped out on the last 1/3. Here is the Chart.
The explosion was on Manufacturing data coming from China and the US which was slightly positive. The next 2 days there are weekly Job loss claims and month employment information. I expect these to be very negative on the markets but I will not enter a trade until some of the lower levels get broken since there is nothing stopping the market to rally a bit more possibility to the 1100 mark. Today's activity touched the 20 MA and is close the 50 MA. The 200 MA could be resistance but the 1100 mark will keep us in that triangle that has formed (white top line with the purple line 1039 mark).
Yesterdays platinum play worked out perfectly, with a 10% increase after breaking out of the triangle. With a strong MACD positive tick. The condition is not overbought either so there is more room to go up. However I do expect a possible pull back some time this week but the 1.13 level is a key to hold. Depending on the next 2 trading days I might rise my stop loss to the 1.13 level.
SBB I mentioned as my silver play, I have now increased my position on today's pull back of 6 cents.
I do expect this stock to have a sharp increase some time soon. From watching this stock I mentioned before the increase in silver and gold this past 2 weeks does not seem to be price into this stock yet.
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