8:27 am. I think UNG might retrace back to about 8.50 before going higher. I closed my UGAZ from this morning +3.90 and will look to re-enter.

8:11. XLF is probably retracing a wave ii on the 5-min chart today.

8:06 am. GLD is doing another bearish wedge. I think we have minute waves d-e before we sell off to new lows.

I covered my ABX short for +.22. I bought into UGAZ premarket this morning. I have some GLD puts expiring next week.

Momentum is waning on the indices, partially probably because of the holidays. XLF still has some more upside to about $24 before I expect more consolidation. We are almost done on the upside for this minute wave. The longer term picture is still bullish.

I am watching Nat Gas this morning for a possible buy if the 3.32 pivot holds.

And I am looking to possibly short ABX.

It looks like the indices had a nice day as anticipated. I closed my SPY calls this morning for about a 30% gain, and I think there is still more upside on the indices. I got stopped out of my UGAZ and UNG at the support break. /NG had a nice come back towards the close. Silver and the miners had a nice retrace rally, but I still think we will still see new lows this week.

San Diego is really warm in comparison to the Silicon Valley. Wow. No need for a winter jacket here. I am trading light this week and next week because of the holidays and because I am traveling away from my desk. I do have my laptop with me.

If anyone saw any big block trades, please shout out! 🙂

The miners are down along with gold and DUST is on its way to my target of $75 that I had written about over the weekend. I think we might see $75 today or by tomorrow.

The XLF and SPY are also up this morning as I anticipated at the close yesterday. I expect to see another minute five wave fractal to new highs this week.

Nat gas is slightly down this morning. This might be an ending wave or the start of a new wave down, I am not sure and will watch carefully. UGAZ has support at 34.67.

CHK continues to climb higher. I think we could see 7.52 today.

The indices closed in the green with the SPY and XLF completing a bull flag pattern. I fully expect some good upside tomorrow.

It was JDST that popped higher today as GDXJ sold off to new lows. Gold closed in the green, but I think it just finished a wave iv corrective pattern, dead-cat bounce and I expect downside tomorrow.

Nat gas, UNG and CHK closed in the green and are looking somewhat positive. I am cautiously optimistic we might see upside tomorrow. We had a 2.5 million share size print on DGAZ at 4.26 and we closed below. That looks like it may be bullish for nat gas tomorrow.

I think a lot of traders have already gone on holiday, so I will send you my holiday wishes! Happy Holidays! Tomorrow I will be hopping on a plane with family to San Diego, but will monitor the markets in the morning, then by mobile, and then again from the hotel.

XLF still has further upside. I think we have a minute wave bottom today. I count that we are now entering wave (v)/3/(3)/V. This helps clarify where we are in the indices too.

10:54. I see some QQQ buying. It looks like more upside tomorrow.