Wednesday, October 14, 2009
Several recaps today:
On the hedge positions ProShares SDS & QID, hit their respective stops of $39 & $22 with about 5% losses on both. This market has been unbelievably resilient, to a point of a melt up!
Abbott Labs (ABT) report stellar earnings the stock is up 15% from the Itz Pix suggested entry. Intel & JP Morgan, tech & financial leaders have ignited this earnings season. Most are setting a year end target of 1200 on the S&P 500.
Gold should continue to rally, more so I believe silver will outperform. Even so oil looks like it will be participating. As I've reported on this blog, it usually lags the gold market by 3 to 4 months. Look at $75 resistance to break as well as 76 support on the dollar. Charts below show that as well at the gold/dollar chart...interesting resistance.
The Itz Pix portfolio is set to profit from the year end market rally.
*click on charts to expand images