Dow Will Drop 20 Percent - Fitzpatrick

A confluence of factors suggests the Dow Jones Industrial Average is heading for a 20 percent decline this year, Citi FX Technicals Global Head Tom Fitzpatrick said Thursday on CNBC.
"While there's a little bit left to the top side in the near-term, we're still on the same page we have been for the last three months or so, which is, that we're going to peak out around these levels and see a (decline) probably in excess of 20 percent," he said on "Fast Money."
Fitzpatrick looked at Dow performance charts from 1973-1977 and from 2006-present for the analysis.
In addition to a 20 percent drop in the Dow, he also predicted that gold would hit $2,400 an ounce, jobless claims would rise and Brent crude would hit an all-time high.
"The equity market looks great, up 120 percent if you compare it to 2009," he added. "But if you compare it to 1999, we're unchanged, and we're below the 2000-2007 highs.
"The economy probably barely grew 1 percent in the fourth quarter. We have a situation where it's looking like it could be quite sluggish with the tax dynamics and the debt dynamics in the first quarter."

Why the small guy has no chance

Why the regular investors has no chance because of these scumbags- Listen video carefully

http://finance.yahoo.com/news/billionaire-smackdown-ackman-icahn-spew-183647044.html?l=1

Cycles

Doing some cycle work on the daily and it looks like we are stretched here and looking for a pullback.

NUGT

Stopped out -$1 per plan-
Gold not getting the bounce here with the S&P so strong

OH AAPL

Well that's why I DONT hold over earnings! I took my $28 profit on AAPL long and that's it bye bye. I didn't care if it ran to $1000 or not, the point is you got to play wisely.
Now AAPL is down almost 10% after market and I must say Cramer got this so WRONG again calling out AAPL to $750, I just knew that was the kiss of death just like his $1000 call on GOOG was, now all those who bought AAPL over $600 feeling alot of pain here geez-

Hit and run market here, though we are making new highs there is not much leadership and that tells me we are seeing the new phenomenon of ETF trading at work. Well tomorrow should be interesting to see what happens, I probably will only be around my system after lunch as I have a morning appointment but I would be looking at a gap down to buy for a bounce. Google needs to save the NASDAQ from a multi week downturn here.

AAPL

I will be out all AAPL (long from 485) before the close

Still working HIgher

Ok we have hit the first target of the 2012 HIGHS now what is next. I have been doing some work and I seem to be narrowing a zone targeting the 1525-1545 area. Do we stop there? No idea but if I was still long after hitting the 2012 HIGHS I would be scaling out of long positions into this area.

I am still holding NUGT long and a little AAPL.

I think we are stretched here so be very careful initiating new long here without a pullback.