Markets have continued to rally. The Slow Stoch is embedded meaning strong trend. The MACD histogram is starting to decline however the MACD line is well above the 0 level.
It is still my belief we are in a 5 wave, and therefore a corrective phase is approaching. From the recent highs the corrective phase most likely will take the S&P500 to 1167 (38.2% retracement), 1140 (50% retracement and 200 day MA) or 1120 (61.8% retracement).
30 min chart - Slow Stoch is overbought, expectation of small pull back Monday or Tuesday.
I have some put options on a 2x bear etf for the S&P500 for a January expiration. In the mean time, I have been able to successfully play SBB and EDR on the TSX. These metal mining companies have been hit hard last week as gold and silver tumbled. However, looking at the current gold / silver price action it appears that they may have a good week.
Current gold price from Kitco
Current silver price from Kitco
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