Is there an opportunity in natural gas (UNG)?

Today's market update will be brief, there are various interpretations. I would be cautious on either side; first couple of days will clarify certain things.

UNG Daily: Natural gas ETF is just below 50 DMA, decisive break of 50 DMA (11.11) should push price to 200 DMA (around 12.80). Last few days volume is high and it seems like it must be accumulation volume. There is bullish divergence in background. MACD has turned up and RSI can support higher prices. Bollinger Bands look good.

We have covered our short on Google and still holding Apple short.

Market update for next week?

S&P 500 daily:Market sold for most of the week but it bounced back on Friday, again in No Man's land. I will give it another day or 2 to resolve its direction. S&P 500 is very close to cluster support and 50 DMA, break of this support is bearish for the market in near term. Below is an S&P 500 chart displaying possible market path. With that in mind, I am publishing few charts which can be played in either direction. I think there is 60 %  probability that we are heading lower near term. We will know in couple of days.

TTM daily:Tata motors is just below 50 DMA, decisive break of 50 DMA (26.20) and the trend line is bullish. There is slight resistance around 27, conservative investors can wait for the break of resistance around 27. MACD has turned up; volume for the last 7-8 days is favorable. RSI can support higher prices.

KLIC daily: Look like this one is headed lower. There is an open gap at 7.25 to 7.99; it might want to fill that gap.

GES daily: If it breaks upper trend line resistance, it is bullish, break of lower support and it is bearish.

MHK Daily: It has formed a triangle, it should break soon, break can be in any direction, I think it will break upside, we will know soon.

We are still holding a short on Google, Apple (AAPL) bounced back from 50 DMA; if it turns around and break 50 DMA decisively it will provide a good short entry. No chart for apple (if you need to see the chart, please e-mail me and I will be happy to add to the blog or e-mail you the chart). I also see bullish pattern being developed in CNX (again no chart, if you need it I can e-mail or add to the blog).

Google a short?

It was an interesting week, market pushed higher and sideways for the first few days in a week and then on Friday it reversed. It is again in No Man's land. As always Mr. Market like to keep Bulls and Bears guessing.

$INDU 60 Minutes: DOW, I have highlighted 2 possibilities for the next week. Market being in No Man's land, I am publishing few long and few short ideas.

GOOG Daily: I see that Google is at the support line and Friday was a black candle. There is weakness in the background, stock is below 50 DMA. Volume pattern looks weak, break of support (grren line) might see price attracted to 200 DMA (545-550). MACD has turned lower and RSI can support lower prices. Decisive break of the support line should provide good short entry.

AFL Daily: There is a cluster of support between 50 DMA and 56, if it decisively breaks 56, next support is around 52 (200 DMA), I will be watching this closely.

HDY Daily: MACD has turned up, RSI can support higher prices, probable price target is 7.90/8.

BMY Daily: It has broken the trend line resistance, there is a clsuter of resistance between 26.40 to 26.80 (Not Shown), once cleared price target will be 28.40 and up. The only thing of little concern is extremely high volume of the last 2 days. High volume on up days is good but in the past when it saw extremely high volume, it was near the top.

EC Daily: It is very close to resistance, above the resistance line is bullish. MACD has turned up, RSI can support higher prices.

Last week we bought CNX and sold it on Friday, Market was weak in the morning and we decided to take the profit. We sold our ANN short position. We still have short position in X and have taken a position in SRS.