As for the broad markets, we are expecting similar - a sideways-corrective pattern in the Dow with an upside bias. The price should correct to a maximum of 10,380 before a resumption of the downtrend. A clean break of the bottom of this latest, shallower channel will negate that forecast and could take the Dow down as low as 9,600 to 9,700 (yes back into the 4-digit territory) before a sustainable pause. We'll keep you updated on this most-traded-of-indexes.
Now that we've got the formalities out of the way, I'll get to the Non-Asset-Related aspect of this post.
We've had a wave of email response to our announcement of future subscription services and as such we are very excited. I spent over 8 hours this weekend working with my "tech guy" and good friend Mike "the Fox" to figure out how we are going to approach this thing.
One thing we would like to do, is to give all you who are asking about our subscription services the chance to give some input before we actually get the site up and running. I don't really follow other subscriptions (we can take that one back to not being caught up in social mood, I suppose) so, for readers out there who have followed such things, I'm sure you have had good and bad experiences, and we want to go into this thing having already dealt with anything bad that our "competition" might be dealing with now.
Already we have a lot of praise for the fact that we are not going to be a "long-only" subscription, and we will offer lucrative positions that will make money in declining markets, as well as the "long-only" alternative, all in the same service.
We are also planning on keeping a fairly low limit on the amount of subscribers as we want our primary source of income to continue to be trading (keeps us honest), and not "advising". Not to mention that some of our more high-profit-potential trades are not in the 5-million-shares-a-day liquidity situation, so our most aggressive/highest profit subscription service will have a very low limit on the number of subscribers.
But what else would you, future subscribers, like to see in our services? What assets do you want us to focus on or ignore? I'm opening this one up to the several thousand visitors that come here every day to get rational and objective analysis - what do you want our services to include and exclude?
We've already been brainstorming and have some good ideas, but in this case (contrary to the markets) I think several-thousand heads are better than just a few. So send those ideas and suggestions away to:
And have a great week! We'll be back with more in-depth charts and analysis soon.
Sorry, I couldn't resist - very high probability intraday long setup just came to my attention - we should see the Dow end on the higher side today, for all you intraday traders. If you are already short from the very top, and are in this to make serious gains on the major trend, then this little move shouldn't worry you. Just an exercise in charting, which I find to be so much fun!
END OF THE DAY UPDATE:
Thanks everyone for the suggestion emails already sent in - some great ideas and keep them coming!
Here's the end-of-the-day chart for the Dow.
And the last free in and out trade that we will offer before we launch our new website and subscriber services. This is another one with huge profit potential similar to our STD Trade we posted just a short while ago (already in-the-money double digits).
We will be opening our position tomorrow morning, especially if we see a gap-up in prices off the open. We'll post it as soon as we have executed the trade.
From this point on we will only be covering the general movements of the Dow, the USD, Gold, and Silver on the blog, until the new site is up and running.
Thanks again for all the feedback we received today and we look forward to hearing more.
UPDATE: February 2 @ 9.37 AM Short FAS - Entry at $73.05.