It looks like SPX is poised to rebound to 1095-1100. After that I would expect the continuation of the downtrend. If you are looking for longer term investments, Gold is offering some pretty amazing buying opportunity. My bold prediction would be a rise of 20% in the next 2 months.

My advice would be to accumulate position in the 1245-1255 range with the stop below 1235. First target on this move would be 1300-1310. After that I expect a minor pullback a another sharp rise to 1450-1500. That should result in formation of a climax top and a sharp reversal.

CLF looks like ready to break one way or the other. It is good for at least 15%-20% move from today’s market price. In case of more downside, the target would be 40-45$ in two weeks. Stop at 54$. If we break above 54$, then there is a good chance CLF is going to 60-65$ with the rest of the market. So, in general, no matter which way you chose, metal stocks are offering really good reward.

After a strong close yesterday, the futures made a little pullback overnight, forming a flag formation. I expect we will hit 1090-1093 today. If that level is taken out, next stop is 1105-1110. I would be cautious at this level, and take some profits off the table. Also place tight stops to protect your profits. For those who are looking to place some short bets, look at mining sector.

EUR/USD is also due to a pullback. First target is 1.2420-1.230.

One of the stocks to consider to play this rebound is ADSK.

The stock is in clear uptrend. It has plenty of support at 27$. My first target would be 31-32. This should coincide with the S&P 500 index at 1100-1120.

The price action for the EUR/USD is not so clear. A lot of uncertainty regarding this pair short term.

Right now the pair is  in a clear downtrend (4H chart). If it doesn’t break above 1.26-1.27 come Monday, then it would be a good idea to place a short. First target 1.2430, second – 1.23. If that doesn’t hold, we will eventually see 1.20 soon.

Also, GPB/EUR looks quite interesting. It is forming a symmetrycal triangle, ready to breakout to the upside. If that happens, chanses are, we will see much lower levels in GBP. So, watch this closely for setups.

The main levels to look at are 1150 and 20-day SMA. We might get some rise at the beginning of the week, as fund managers will be doing their usual end-of-month window dressing (buying best stocks, selling worst)

Now is a good place to establish shorts at 1160 with the stop at 1163. Target 1150 by Monday.

The index might reverse down to 1140-1130 during the next week. That would be a nice area to establish long positions. A drop below 1130 would make me very cautious if I were holding longs.

BHP long term chart suggests that the 82$ area acts like a magnet to the stock. If it is able to hold this pace, we might see 90$ by May Options Expiration.

Another long term bull is CHK. has been trading in a range for more than 6 months. It is a safe bet to buy here with a stop below 24.50 and a targets of 27/30/35.

In fact some of the stocks I mentioned last week have pulled back a little, and have reached target levels:

ZMH – start accumulating at 59.30-59.70. Stop at 58.20. Target 65.00. 1/5 Risk/Reward.

RINO – has pulled back more than 4%, but has already managed to get into positive territory. Expecting a 50% rise by May.

CHK – buy now at 25.00-25.50. It is a save pick unless it trades below 24.00.

ADY – been burned in this one, but I believe it deserves a second chance. Right now it is stuck between 22 and 21. My strategy would be to buy 1/2 at the current level with the stop below 21. Add to the position when we breakout above 22. Looking for a gap close at 24.