By Chris Vermeulen of TheGoldAndOilGuy.com
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.
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 is currently oversold after its four-day selloff.
This index is trading deep into a support level.
Financial sector and
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.
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 www.thegoldandoilguy.com and www.ActiveTradingPartners.com. 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.