As I said during last weekly summary and preview, I was not optimistic on the market at all, and I also predicted a black candle stick on the weekly chart above 12250 is possible and acceptable. Then we still have chance on the next week.
However, I am also not very optimistic on next week as well. A very obvious sign will be breaking under 12150, which is likely to happen on Monday due to the BA news, in this case, I think any long position will be dangerous. If a large sell-off occurs, it is likely to see a 1500 decline on DOW to test 10700 level on 2006 lows.
If you still have some long positions, I would strongly recommend you to reduce/clear or take some hedge position to protect your investment in the case of another decline under 12150 early next week. There is no safe place in this market. Including DBA and gold might decline as well, although they will come back.
If you have set your mind and hold blue chips tight for longer than 1 year, I think it's OK for you to ignore the current market, because normal people never dare to bottom fish and catch low price stocks and they often buy back when the price goes higher than their selling price.
In a nutshell, a bullish sign will be DOW holds 12150 for Monday and Tuesday, otherwise, it will be very bearish.
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