3/03 Monday market update

Posted on Posted in Weekly Featured Articles
03/02 Monday Market Update (Short Term)
DOW/WALL ST: 28th Feb, SP500 hit a new high but not the DOW. Will Dow catch up or just create the negative divergence. Remember that +-3 days in the turning point is very common. There could be a turning point from top this week, probably around 5th (Wednesday) but technically SP and Nasdaq are very strong with no signs of abatement.
ACTION: I am considering to short soon. But, I will wait and see first as the trend remains very strong. Remain cautious!
GOLD SILVER: Expect to consolidate this week with a possibility to retrace more to 1304 (200 days MA) if USD is able to reverse from the current level (looks unlikely) 
ACTION: Stand aside now and wait to buy back 1304. But if USD is weak and gold is able to maintain above 1330, the upside to 1360 is possible. I am a bit biased towards downside. Wait and see
ASX: To follow DOW but it seems ASX is acting ahead of DOW. Expect a struggling top. Wait to Short Banks etc but not the ideal time yet
ACTION: 1. Reshort FMG at higher level ( 5.60 or below) – and hold ASX short ( 5436-5460) 
                 2.Can try to buy BDR and SLR at lower level this week if seen
USD: may spike lower to 79
ACTION: Just observe
Always read this regular market update in conjunction with my newsletter
 
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