By Chris Vermeulen of

NEW YORK (TheStreet) -- It was a non-stop selloff last week in equities as the S&P 500 sold down four days straight with a small move up on Friday. While investors were cashing out of stocks, we saw that money move into the big shiny yellow safe haven -- gold.

I have put together a brief video

showing you how I see the market and what I think is likely to happen this week for gold, stocks and financials. Meanwhile, here are some key points that I make in the video:


Long-term trend is up and I am currently long gold but feel a sharp correction could happen any day.

Price/volume action on gold is bearish short term.

We took some money off the table on Friday into strength.

I am protecting my long position using a stop around the $1,240 area.

I still like gold and hope it rallies, but if it turns around, I will be in cash until the correction is over.

S&P 500

S&P 500 is currently oversold after its four-day selloff.

This index is trading deep into a support level.

Financial sector and

Goldman Sachs

(GS) - Get Report

tend to lead the market and they performed well on Friday.

I feel the S&P 500 index is due for a solid 2%-3% bounce and possibly a 4%-6% rally.

Watch my video

for more detailed analysis and price levels.

If you would like to get my detailed trading analysis and trading signals please visit my Web site:

-- Written by Chris Vermeulen in Collingwood, Ontario, Canada

Chris Vermeulen is founder of the popular trading sites and There he shares his highly successful, low-risk trading method. Since 2001, Chris has been a leader in teaching others to skillfully trade in gold, silver, oil and stocks in both bull and bear markets.