28/02 Friday Market Update

Posted on Posted in Weekly Featured Articles
28/02 Friday Market Update
Always read this regular market update in conjunction with my newsletter
DOW/WALL ST: Likely turning point 28Th to 5th March. Dow is down about 85 points before market opens but Yellen’s testimony helps to push SP higher almost to record high. Dow is still lagging a bit. SP may push up to 1870 before the music stops?
ACTION: I am considering to short soon, may be next week, near to 1870. Not clear how big is the expected pull back ( may be just a 2-3 days modest one). Technically, the uptrend is still intact.
GOLD SILVER: As expected, gold is pulling back. I did say that Gold will decline at anytime from Wednesday
ACTION: Stand aside now and wait to buy back at lower point. Support is 1324 and 1318 and 1208
ASX: Expect some more pull back but trend run up is still very strong. Will short Banks and others soon
ACTION: 1. Reshort at higher level ( 5.70 or below) – and hold ASX short ( 5436-5460) 
                 2.Already Exited all gold stocks. Wait to buy back at lower level
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