November 11th Review

So I was looking for a bit of a pull back today in the major indices, but we definitely didn't get anything of the sort. In fact, we traded higher throughout the day, but closed about in the middle by the closing bell. I still think we are going to need at least a mini pull back (be it 20-40 points, whatever) before we go another 100+ points higher from the current spot. We just seem to be getting top heavy, and I'm also feeling its time for the dollar to bounce as well. Whatever the dollar, does, the market usually does the opposite.

Oil continued to stay in the range we talked about yesterday, but gold inched ever higher today. Gold itself is very similar to the market. It goes higher generally on the weakness of the dollar. Nat gas hit some 50-day MA support today, and we'll have the see what comes out of that in the days to come. Hopefully we can get a trade or two out of that.

CHLN, a mention from yesterday, really gapped up higher today. It ended up drawing backwards by the end of the day, however. That's the kind of play we will look for continued weakness tomorrow. HNSN closed today right at the 3.25 mark, and that makes me excited. If we can break that (and the 50-day MA resistance at the relatively same price point), then I feel we should slowly move to around the $4 mark (or the 200-day MA). Lastly, NANO had a wonderful day today, setting up to break the $9 mark soon. The volume was there, so if it breaks, it could really run nicely. Be ready...

MK