Friday, 03 April 2009
Dear Members,
This week is full with events, like 31 March quater and yea ending, G20 meeting, ECB rate decision and today Nonfarm payrolls. All these events are influcing market artificialy but soon by today end they all settle down and will start trading on actual path.
This week we came wrong on weak trade asian market and oil trend. I am finding reason yet that why I was wrong on Thursdays move of oil and Thursday trend of stock market. We still strongly recommend selling oil at this stage and one should bokk part;y profit in stocks but keep adding good stocks in your portfolio as we are predciting Dow to hot 32000.
Today's planning:
Metals traded weak as predcted and we are expecting a weaker trend from here onwards. Short term traders can cover their shorts around $881 and $872.20. Gold has already entered a weak trend and from here silver, copper and platinum will fall sharply so it is great time to short these metals. We don't recommend any buying positions in any metals at this stage. We have been recommending buying metal stocks but now the time has come to book your profit and stay away from them for some time. Sell gold at $909, silver $12.99, copper $1890 and Paltinum 1159.
Strong recommendation - Sell oil as we see sharp corrections will come today.
Start taking short position - Thursday garins went up as predicted but now the time has come to sell grains on Fridays opening.
Trend for is weak - Today Coffee, Cotton, Sugar and Cocoa to remain weak.
Book profit in stocks, specially in metals, Technology and oil stocks.
Thanks & God Bless
Mahendra Sharma