Ahhhhhhhhh finally we get some more progress going with this bailout plan thing or whatever you want to call it. Sentiment for this bill is swing both ways with many disapproving i think more so because it has focus on wall st. and not the american tax payers. In my opinion i just want to see some damn stabilization in this crazy stock market and get things back to a normal and at least give us some directional movement in the market to make for better trading opportunities. So Sure give me a little more tax so i can make way more in the stock market!!!

Now we gotta wait on the reaction from the congress to see if this bill even passes. Currently global markets, U.S. stock futures, gold, and oil are all down on news of the bailout agreement as this is your typical buy the rumor sell the news play as Cramer was also stating you should be selling into this latest rally. I’m really looking forward to seeing how this week plays out, Bush is expected to speak publicly about the bill Monday morning before the market open.

I was looking at one of my old videos from earlier this year. I’m amazed at how many stocks there were on my watchlists in early 08 compared to late 08′. In any regards this year has been awesome for trading opportunities overall with our BLACK SERVICE stock picks up over 100% on the year! Test out a FREE 14 DAY TRIAL and get our real time trade alerts and daily newsletters!

Gold and silver have been a huge play over the last week or so with many stock in the industry rally 30-60% in that short period of time. But what goes up must come down. No significant profit taking has yet to take place in these stocks yet and it appears that they are nearing that calling as prices near heavy resistance levels and bearish candle patterns are coming into play. Looking at the gold and silver sector we can see price action failing to breakout at resistance. Wednesday failed to hold its rally and closed just barely up on the day suggesting weakness in the chart. With such a large rally its likely that we will see price retrace to a support level such as the 13/9 ema’s in the near term.

Day Trading Opportunities:

Looking at our first stock ??? we can see that price made a huge rally from the early 5’s and peaked today near heavy horizontal resistance around 9.50 also forming a bearish shooting star reversal candle suggesting downside movement from here. I think $8 or so should be in near sight for a short term day trade. i plan to go short Thursday with a tight upside stop.

Next stock were looking at is ???? which also made a magnificent rally over the past week yet looks like its glory days are coming close to a close. Price spike intraday on wednesday to tap out at its strong descending resitance trendline as we can see on the chart below while forming a very bearish shooting star candle suggesting negative momentum in the near term. We should also expect to see this stock head to support levels around the 13/9 ema’s around $6 or lower for a short term trade. I want to go short here near the open.