**Indexes Could Go Up, Could Go Down-- Bonds Higher--Crude Taking a Bath**- Futures Weekly Review and What's Ahead

Hi Everyone,   I hope your having a nice weekend with your family and friends.  Lots has been going on, and with more ahead.. Lets jump into the charts and have a look..

ES- emini S& P 500-

Well we had a great rally after the ECB announcement this past Thursday, markets were sideways all day on Friday but if you look at the chart below we still are in a weekly up trend but there are mixed signals on the daily chart.

We have had 3 closes below the 21 ema which technically puts us in a downtrend, now I don't know for sure if we'll stay here but also with this symmetrical wedge that has been setting up, the market is coiling to explode either way.  If we do go lower things could get pretty ugly to the downside,  if we break higher, and push through the highs expect to grind higher and continue this long term trend but don't always bank that will happen here.

ZB- 30 yr bond.  

 This trade has been a great trade, now that we've pulled back to the 21 ema I would be another buyer and look to keep rolling higher and interest rates to head lower.

DX- US Dollar.

I hope you've noticed that while the euro and other currencies have gotten hammered the Dollar keeps going Higher, much Higher.  And we still have lots to go, this is a great long term swing trade to be holding onto.

GC- Gold.

If you remember this last update I said Gold very well may take a bounce and boy did we get it,  Really what we are seeing is more of a flight to quality or a hedge if you will to this massive sell off in Crude.  I would expect as more downside continues in Crude to see Gold head up to around the $1330 level before bouncing off this level and going lower. I'm still believing we see Gold much lower but as folks are loosing their shirts with Crude, people are trying to hedge their bets and be safe.

CL- Crude

We are still going lower folks regardless of what BS you've heard or not heard in the media, I'm still looking as a target around the $41 level.  There has been no end to OPEC cutting back, and places like Texas will continue to cap wells and lay off more people as its just too expensive to pull oil out of the ground, and better to wait to see prices return higher.

6S- Swiss Franc.

If you saw this on the 15th, or maybe you saw the media covering it with the Swiss Bank unpegging themselves from there 3 year agreement to the Euro and the Franc taking off over 20% higher. Well what some people don't realize is there were massive margin calls and folks waking up to there little 10 contracts short the Franc to $200,000 in the hole. I saw even large brokers like FXCM who does over 5 billion, (yes that 5 BILLION BUCKS) in trade volume a month get hammered overnite and have to borrow capital to the tune of around $350 million to cover loses from retail investors getting killed with this move.  So be careful out there folks, have stop loses, manage your trades and be smart!

have a great trading week,

-david