I suspect that this week will be an up week. We have hit temporary lows with massive short covering and margin calls galore. We are extremely oversold here and time for a bounce up.

Look at the SPY below which is a 1 year weekly chart. Last week we went to test the low but did no break it on lighter volume. We closed above the open of the week which is bullish. I think were going to up to $105 on the SPY. I am long the SSO currently

Below is a 1 year weekly chart of the GLD (gold ETF that is 10% of the spot price of gold). Last week went went lower to test 9/15 lows, went down on lighter volume (which mean less sellers) and closed above the open. This is bullish which is why I am bullish on gold and buying more of the DGP (Ultralong gold ETF)

I am also long on UWM, DDM, SSO, MOS, DGP, QLD, UYG, UYM and now DIG (I think oil is heading up again).

On Friday I closed all my shorts AGU, MOS and FCX. I went long DIG, QLD and ICE on Thursday.ICE popped up 8% on Friday with buying pressure at the end of the day. ICE will run up to $105.

I also bought UYG (Ultralong Financials – 2x XLF) at $20.04 and $21.10. The selling pressure was off as I saw buying in BAC and WMU. UYG wants to now run up to test the last high at 24.79. I expect this will break past $25 then pullback to $22-23 for a final test before going higher. As you can see in the chart below we are still in a down trend and need to break out of this on strong volume about 350 million weekly.

Went long ABX at $30.5 which is a gold stock. If the US dollar continues to strengthen this will fall but the price action is looking good and its touching the lower rising trend line. Stops are tight.

went long GS (Goldman Sachs) at $161.04.

Went short on CLNE (Clean Energy Fuels) as the price went parabolic and should pull back. I bought OCT 17.5 PUTS for $1.00