What happened:
- Nasdaq is little changed this week. QQQQ closed down from 44.17 to 43.57 this week. QID closed up from 52.40 to 53.74.
- PM stock did really well this week, ^HUI closed up from 318 to 332 this week. GLD was up from 63 to 64.17, SLV was up from 128 to 133.55.
- Both AEM and GG were up about 8% this week; PAAS and SSRI were up 10% this week.
- RIMM closed up from 124.35 to 125.36 for the week. This is my only losing trade idea for the week. And it puzzles me on its strength. But until there is a new development, I consider this is the best short. It will be in the 60s or lower by the end of this year, if not lower and sooner. That's more than a 50% hair cut.
Plan for next week:
- I think the market is near the top and the next major move is down, not up.
- Next week we have Fed. meeting and earnings, how market reacts to these news is more important than the news. I predict Nasdaq will lose 2-4% to complete the reversal next few weeks.
- Gold should stay above $620 and may move pass $650, which is a key resistance level. If it breaks $650, and stay above $650, then the next major up leg is in place.
- Continue to add AEM, GG, PAAS and SSRI on big pull back. The action in GLD and SLV indicates we may have a consolidation in place, but long term bullish view is intact.
- Continue to add QID on big correction or, if Nasdaq decisively breaks blow 2400.
- Continue to add RIMM Jan. 2008 put on any strength.
- Watch USO, OIH and XLE. I don't know for sure what's next for them. So will not add unless there is a drastic correction over 10% or more.
- Watch FXI, BIDU. It's China play. Since it's over extended for several months, looking to buy puts if there is a big run up. Long term, FXI is good very long term stock; BIDU is a speculative play.
- Start to watch FRG as well, if it falls below $9, I'll consider to buy it. It's the speculative play in PM.
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