Feb 12
5
Learn From a Master – Paul Tudor Jones
The S&P and Dow continued to move higher through earnings season as expected. The ES came within a point from taking out the high made back on the week of July 27, 2011. This will be another critical level which also happens to be a resistance area.
The weekly MTPredictor gold and silver longs at 1632.5 and 29.75 are both risk free trades now with stops moved to their entries. The gold target sits at 1896 with DP resistance just ahead of that target at 1848. The silver target is a big one at 53, however, be aware of DP resistance off the wave b swing at 46.75. The point now is that these trades can’t lose. If they hit their targets they will produce very healthy profits.
Oil has pulled back into its daily wave b support area after hitting its MTPredictor TS3 long trade target at 103.46. We’ll see if it can move higher off this support area. The next resistance area is that same 103.50 area.
Goldman Sachs has been able to hold above the $100 line in the sand which is an indication that the broader markets will show strength. It has now come into a resistance area in this $115-120 area. If Goldman remains above $100 expect broader markets to remain positive. If it falls back below $100, expect the broader markets to follow.
Finally, on this Super Bowl Sunday, I will leave you with a great video documentary featuring Paul Tudor Jones. If you are interested in markets and trading it is a must see documentary. Listen to how PTJ explains what creates markets and think about it in context of our current debt based economy. His use of Elliott wave to pinpoint the impending crash of 1987 within a few months is fascinating to watch unfold.
Enjoy the game and enjoy the documentary HERE
1. FREE PDF Introduction to MTPredictor.