The Stock Market Has Turned Into One Big SlapChop Machine

Enough said.  The market has turned into one big SlapChop machine, chopping up the radical bulls and slapping the radical bears.  Everyone in between is exclaiming, “What do I do,” and others (like myself) stay in cash until the market shows its ugly face and whips either the bull or the bear in the balls.

Until then, call me a bull on oil; swinging into Chevron (CVX) earnings Friday @ $66.71 and PowerShares DB Double Long Crude Oil ETN (DXO) @ $2.70.  The price setups are there, but the volume is lagging and may continue to lag into Friday.  I wish everyone who is swinging oil Friday good luck.

I now present to you some charts that have the potential to all be pops in your portfolios if you catch them correctly.  Enjoy:

DXO  30 Day, 60 Minute

Direxion Financial Bear 3X Shares ETF (FAZ)  5 Day, 10 Minute

UltraShort Real Estate Proshares ETF (SRS)  10 Day, 15 Minute

SPDR Gold Trust ETF (GLD)  60 Day, 60 Minute

Steel Dynamics (STLD)  9 Month, Daily

Keep FAZ and SRS in mind, but whatever you do, don’t hold them into the weekend.  The short-term market trend (like it or not) is still positive and will have NO qualms of eating your FAZ and SRS weekend holds alive.  In this market, no news seems to be bad news.

Also, if the Economic Statistics for April start off poorly, it may not be a bad idea to hedge your bullish bets with a little GLD.  I enjoyed watching the demise of the gold industry this week, but I think we may find out next week April wasn’t all puppy dogs and rainbows.

So, in conclusion, I’m bullish oil and don’t care about any other sector.  I’ll start caring next week when reality sinks into the S&P 500 (^GSPC).  I will say it once on this site loud and clear:

THE VIX (^VIX) IS GOING TO MAKE A COMEBACK VERY SHORTLY.

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