Well, the Holidays are over and we are back in the business.

So far, the market is in bullish mode and the 3rd option is in play. This is what we might face during January:

Looking for a little push higher, then a retrace and final push to 1000-1050 level.

You might also want to consider shorting gold, as it looks quite toppish here, and the move down might be good for 50-70 points. Would like to see it at 890-900 for better R/R:

Some individual stock to consider (will post charts later):

BRCM – looks great as a buy here. Confirmed double bottom, trend continuation to the upside. Would liek to buy it on retrace with a target at 20-22

SNDK – is looking to close gap at 14.00. Has formed Inverted Head & Shoulders

One of the strongest groups are miners, check out rio, ccj, pcu, rs, clf

I still believe in much lower levels later this year, still as a traders we have to act both ways. One of the groups looking as great long term shorts are airlines – both from fundamental and technical perspectives. Just look at [[amr]], [[dal]], [[uaua]]. From the fundamental point of view, we have huge debts and slowing traffic. from technical – I expect to see some kind of head fake higher (to shake out weak hands and suck in more longs) and then a sharp reversal. Still, take this projection with a grain of salt – it will only plays out well with the overall market reversal.

Profitable Trading in 2009!