What happened over the past trading days?
• U.S. stocks are mixed on Friday with energy shares under pressure after the Organization of the Petroleum Exporting Countries sent oil prices skidding.
• OPEC’s decision to maintain its current production ceiling of 30 million barrels a day does little to remove the glut that is keeping oil prices low.
Next week forecast:
Short Term view
NYA is a very good way to see the strength of Dow Jones. Combination with Mcclellan Oscillator will let me know the breadth and health. We can see that NYMO is showing that there is room to run. We are currently approaching the resistance 50. Once it is broken, we will see further strength and new high. The dip is coming with low volume. This might be due to Black Friday and Friday market ending early.
Long Term View
On the long term outlook of the Dow Jones, SGWiseInvestors are very Bullish as we can see that that there are rooms to run. We will not see any major crashes coming in the near term. Every dip right now are buying opportunity on mid-term to long-term. SGWiseInvestors will alert fans and readers if any crashes are coming. Stay tuned and keep checking on our blog.
Gold outlook – Swiss Referendum on Gold 30 Nov 2014
With Swiss Referendum announcing on 30 Nov 2014, investors are awaiting on Swiss Vote. Market are expecting a “No” Vote. The gold are having a lot of volatility. On Friday trading period, there is a gap down and this is accompanied with increase volume. We will not expect any Big Buyers to come in to buy GOLD. SGWiseInvestors maintained a Bearish view on gold and will expect it to meet new lows. We may see the gold drop below 110. Might even be below 100 in GLD before we see more buyer coming in.
Brent Crude Oil – Organization of the Petroleum Exporting Countries
Brent Crude Oil is going lower. From the chart, we can see a Mid to Long Term downtrend. Volume increase since Oct 2014 and currently it is consolidating downwards. The dip with volume decrease that there may be short-term rebound. Every rebound is add to your short position. SGWiseInvestors maintained Bearish on Long Term until we see any volume/absorption volume with white candle as an indication of reversal.
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