Market Update for Next Week?

Volatility is high in the market, unrest in Egypt might be causing the panic. Market might be worried about Blockade of Suez canal and it's impact on oil prices. I expect volatility to continue in commodities especially in oil and gold prices. We saw gold and oil jumped up on Friday. I would stay away from gold and oil.

We saw across the board decline in stock prices but I don't see any significant technical damage. Next week price data should provide further clues and the geo-political events might continue to impact on market. We had good gain in gold and we sold our position on GLL. Amazon (http://bapus2cents.blogspot.com/2011/01/are-we-there-yet.html) and RSX( http://bapus2cents.blogspot.com/2011/01/whats-next.html) is still working well.

Nasdaq and Rusell 1000 is showing relative weakness compared to S&P 500 and DOW.

Nasdaq daily: QQQQ as a short idea or QID for going long(leveraged inverse QQQ ETF).

IWM daily: This is a short idea or TWM can be used as long idea (Inverse of IWM).

S&P 500 daily: SPY short idea or any inverse S&P 500 ETF for going long.

EDZ daily: Long idea.

SRS daily:  Long idea.