As you can see, if market holds 12200 level, we can just hold tight and wait for the wave coming.
Someone says the data today were bad, I would say we saw a mixed data here, so they should offset with each other.
While we have IBM buyback plan, as well as raising guidance, and financial stocks still can benefit from yesterday's news, I think we don't have much to worry about today.
We should pay more attention on durable good order tomorrow, which may have more impact on the market. If we have three white candle stick, tomorrow will likely to have a pull back if the data is not better than expected.
For trading opportunities, I have mentioned several times about SIMG on my MSN group, it is still a buy on any dip in next days (there was a dip during past week already). I would also like to draw your attention on Q as I think both SIMG and Q have bottomed out. Today's dip of Q is an opportunity here (and probably tomorrow as well), Q was also a long pick of PSP, but I am not sure if he wanted it for short or mid-term.
Just hold you half long position for now.
Imaging if data are bad tomorrow, dollar will sink, and gold will surge, then the gold stocks will surge. If we have good data, the market will go up, while the gold stocks still somehow follow the market without dropping too much. I have my target of gold price around $1050-1100, so small gold long position for hedging might be considered. Besides my picks AUY and ABX, GG is also good.
Please note, we don't need to predict the market, as we just need to do the right thing on the market movements.
P.S. My Messenger is down, so I just post here.
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