What to watch out for on Friday (May 08, 2009)

Well...first and foremost, I do not regard yesterday's sell off as a trend change just yet. The uptrend still has a lot of fans...even the bears are anxiously waiting to buy some dips.

I have never tried to predict the market, for those who missed this rally...coming back down to SPY - 87.5 is like a dream come true to do some dip buying. Note the stochastics....the uptrend is as intact as can be....


Taking a look at the QQQQs, the uptrend is also pretty much intact.


AMZN is as volatile as ever, we should see some interesting moves today.


Crude Oil continues to be in an uptrend this could be sticky, I think it all depends on the trend of the dollar.


OIH could stay in a trading range between 98-105 for a while to get rid of the excess supply between Oct - Dec 2008.


Copper is currently in overbought territory. So I will be staying away from FCX for a while until I see some trend emerging. The 200 MA should act as immediate support for some possible sideways action





For friday, my eyes are on the VIX, GS, OIH, AMZN, FCX