Market View

Hi, everyone Last Th. VIX give me a BUY signal. But Fri's tape action look very bad. I don't like selloff on Fri with TRAN down biggest % in 2 years. Next week will be OE week. With last Friday's selloff, we might see some follow through. At least market might test last week low. As a matter fact, current market just look like the market at begining of Feb. For the next 2 to 4 weeks I expect market sideway but work its way higher. DOW should in range 10350 ~ 10650 with possibity touch 10750/10800 area, NASDAQ in 1970 ~ 2050 range with possibility test 2070 area. If market can not go through 2070/10850 level with good volume in next few weeks, a down turn will coming in end of Q2 or Q3 time, and most likely will below 10000/1900 level. Next week TRAN will be the KEY. Last Fri TRAN down 3.3%, most in 2 years. It could be a one day event. If so, we should see some bounce. But if it could not manage to back above 3700/3750 area, MT down to 10,000/1,900 almost a sure thing. Last week, I bet oil back to 54.00. It do more down to 53.30 (but AHC not down, oops). Oil very short term(next few days) might bounce around 54.00 area. I expext OIL to test 52.00 area, and even might trade in 50.00 ~ 52.00 range. But don't DREAM that OIL will trade under 50. $50 likely will be the floor for oil this year. So if oil down to 52 area and oil stocks down, it's a BUY. OIL will test $60 during end of Q2/Q3 (summer driving season)almost a sure thing. Next week be careful, don't make big bet, until market direct clear. Good Luck & Happy Trading Always wrong but nerer in doubt