Our "A" reversal came one day later than expected, and yesterday's drop in the marekts cost us our OEX Calls and CORN Calls. I was surprised at the drop in price for the CORN Calls considering we went for the May Calls.
Both GLD and OIL had candlestick reversal formations in last week's OSS INDICATORS newsletter. GLD Calls were up 70%. Hope you got some profits on it. If you are still holding them, lock in a 10% profit now. We could come back down to our entry price before the week is out. BUT, the strongest up day for GLD is +/- 1 day of Thursday, and it didn't do anything today (Wednesday), so it could put on quite the show tomorrow.
OIL has not reversed to the upside, but it is trying. Yesterday it closed a support off the 12/19/11 and 2/7/12.
According to our Mercury Direct charts, published in the OSS INDICATORS for the last two weeks, we expect a CIT (change in trend) the week after Mercury goes direct. That would be this week. And with today's DJI being up 90 points, I think the CIT has started.
SLV (Silver ETF) looks ready for pop.
GLD (Gold ETF) should go higher IF it can get above the strong fib resistance at 161.50 to 162.20.
CORN (Corn ETF) hits an important reversal date on Friday. I am looking to get back in.
OIL (Oil ETF) closed at support yesterday, and moved up nicely today. I expect it to continue.
--Rob
