Apple And E-Bay Earnings Send Futures Higher

April 23rd, 2009

Morning all! After the close yesterday we had a bunch of earnings announcements. These past three days have just flew by. Not to mention that the market swings have been very unpredictable to say the least. Still, this morning we are looking to open to the upside – whether we stay positive or fall back down again today is completely another subject. I have updated my S&P targets below for you all. We still seem to be in this little stage were we are just stuck in a small trading range for now. But, I think today and tomorrow will get us out of here and moving strong in some sort of direction.

 

spx11

 

YUM has been a great looking short idea that I wanted to let everyone know about. I am not short it right now, but it’s retracement of the Fib level in purple is very interesting. Depending on how it acts today – given that they reported earnings last night as well – will really show us if it’s ready for a move down or not.

 

yum

 

GLD and gold in general has been forming a very strong short-term base as I said it would in a number of trading videos. I think a move up to 97.50 is a bit of a stretch for now, but something around 92.50 where my blue circle is would not be unrealistic. We will have to watch for this to move fast which would hopefully send the markets lower.

 

gld

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