5/03 2014 Wednesday market Update

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5/03 Wednesday market update (Short Term)

DOW/WALL ST: +- 3 days and sometimes it is +- 5 days when we talk about the turning point. Could the turning point be tonight or the 7th this Friday (employment report released). Based on measured move, 1875 could be the top. If it does not turn down by this Friday, well, it could go higher till mid April with occasional small pull back along the way. ACTION: I am considering to short 1875 . Certainly, uptrend is still very strong and no sign of abating. But, it is overly bullish and need to be cautious for those who are long

GOLD SILVER: Gold fizzles out on the news of the ease of Ukraine’s tension. Here, the technical come into play again. 1330 must hold otherwise, we may see 1304 which is the 200 days MA critical support. I am quite sure it will hold ACTION: Buy at 1304 with tight stop loss ASX: Clearly, it follows DOW up today. Still not the time to short anything yet except FMG at 5.50 or higher ACTION: 1. Reshort FMG at higher level ( 5.50 or higher) – and hold ASX short ( 5436-5460). 2. See how gold stocks reacts today. Actually gold stocks already fizzled out yesterday, ahead of Putin’s press interview.

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