Market Update

Since my last post [18 December], the Dow Jones has, as predicted edged towards my 18 000 point target, just 200 points away. This is a 600 point profit so far. If you are a trader and have missed this profitably oppotunity, it might not be too late as i see a further upswing for the rest of the year. However at this point index traders should be very carefull not to be over confident on a market that has rallied to an overstratced level. The S&P has also rallied over a 100 points, also posting a great profit for the week. Taking half off the table at this juncture would be a wise idea combined with a stop loss of 20 point retracement.

oil prices have bounced with the WTI trading above $62. My expectations for oil prices is still a range between $55 and $65. Any extension of oil prices for now would be followed by a profit taking sell off, but do not expect anything below the $50 mark.