Speculative play

Bought some PANW @$60.40 as a speculative play today.
Using a $3 stop

CELG Update

CELG looks like it it in break out mode- new highs here.

that one was a nice options play- lucky i rolled out of feb into march- Riding them till expiration

30 point range on S&P Yesterday

An ugly day as the market gaps up, pushes a bit higher, and then gets cracked wide open.  Volume came up and breadth was pretty Bearish.

The S&P 500, Dow and Russell now look headed for their respective 50 day moving averages, and the NASDAQ looks headed to the 200 day moving average. My opinion has not changed, I still believe we will try for new highs, but we are in the midst of a correction.


Watch for 1477 on the S&P AS SUPPORT- 50EMA

Goldman cuts Gold target

MADRID (MarketWatch) -- Goldman Sachs cut its gold price forecast for this year, saying while the latest sell-off is "likely excessive," it has "exposed a quickly waning conviction in holding gold positions, especially ETFs (exchange traded funds). In a note dated Feb. 25, Goldman cut its three-month gold-price forecast to $1,615 an ounce from $1,825, its six-month forecast to $1,600 an ounce from $1,805 and its 12-month forecast to $1,550 an ounce from $1,800. Goldman said recent moves in gold and U.S. real rates have "anticipated the turn in the gold cycle that we had expected for the second half of 2013," in the note. April gold futures GCJ3 +0.30% rose $13.60 an ounce, or nearly 1%, to $1,599.80 an ounce as perceived riskier assets sold off in the wake of an inconclusive result for Italian elections.

Start of week

A nice start to the week for the Bulls as the market put in solid days across the major indexes.  volume pulled in, but that's compared to an options expiration session Friday, while breadth was Bullish.

We now look like we are off to get those 2007 high\s in the Dow and S&P 500.  The NASDAQ is still lagging, but put in a decent session as well. The Russell hit yet another new high.

Interesting read!

http://www.moneynews.com/MKTNews/billionaires-dump-economist-stock/2012/08/29/id/450265?PROMO_CODE=110D8-1&utm_source=taboola

Yesterday

Yesterday was the lowest volume day in months. One would think all the excitement of multi year highs would spark the interest of the folks on the sideline to get on board and spike up volume and it is not. I think time has changed and not many or looking to the stock market for gains.

I read a quote last week over the internet and here it is " The stock market is system that distributes the wealth of the many to the selected few", wow that just somes up what I have been telling people all these years, the average guy is just at a huge disadvantage.

I am still watching the Nasdaq which is the only indices not to be near its all time high (and we know why!!!!!) for signs of when a topping pattern is about to form. My experience tells me the market will grind up on this low volume till be get a spike that is caused by the last bagholder getting on board and there will be our top. When that happens no idea! we just have to watch for the signs