September 10th - Stock Market Review

The Nasdaq close at new year high , we are at very critical level ,at this poit in my opinion we should see a nice pull back but the market is so storg that there is no short sign yet.

With diminishing volume in the last up trend we should stat to see the begonning of this pull back. The most important level for the QQQQ is the 40.8 breaking this level and we can start considering the short side.

The UNG made yesterday a negative behavior open very strog with a gap up and close at the low of the day in the negative territory with a lost of 1.75%.

Couple of words about Gold, everybody talk now about gold ...in a time of uncertainty people like to buy gold. we have a nice head and shouldes in the GLD my first target is 110 and the last target is the 130. there is'nt yet any buy signal , we should wait for a pull back and some momentun then we can considering buying the GLD or other gold stocks.