OT stated target range should be 1485-1520 or so and we are within the target range. OT also stated 13800-14200 area for Dow Jones, 890-900 for Russell 2000 and 7800-8000 for DAX.
So far so good and OT has 37.5% cash, 20% short now and 42.5% longs whereby the longs are mainly Utility, Oil Service Sector and Commodities. The rest has been sold and profits taken.
Next week we are looking to increase our short position to 25% and rotate our longs into precious metals and increase percentage into Miners as HUI seems like having made a weekly doji. More later with regards to miners
SPX Weekly Chart is showing the end of the wedge and we might peek above it slightly.
BP NYA Weekly is overbought
Rydex Bull - Bear is pointing towards a top
SPX Percentage of Stocks above 50 and 200 DMA is showing complacency
Can we go higher from here ? Yes, there is room even to 1550 area but it does not matter for the overall outcome. OT reckons that by End of February into March we see far lower prices retesting 1300-1360 area again.