Bullish Set Up: Tesla Motors ($TSLA)

Tesla is at a multi-week high approaching some long term overhead resistance (see weekly chart below). The stock has been forming a bullish inverse head and shoulders pattern. Look for the stock to test the neckline at $35 or so and move higher. I see a tech target price around $43.

Calls: $AMZN, $RCL, $SXC, $LCC, $GLD

Bearish

Bullish, at a buy point

Bullish, IF oil prices behave and stabilize.

Bullish, if it can stay above 14

Likely a panic sell, supply could quickly get taken up again.

Natural gas is drastically oversold & may have bottomed

This stock could be a better buy than its more expensive peers.

Financials are at resistance but are a buy: $XLF, $BAC, $C

The one area I would consider buying is financials. The $XLF is at resistance but on the weekly chart there is a bullish cup and handle forming. Any pull back in financials is a buy in my opinion. $BAC and $C are strong buys right now.

Market Analysis - Are the markets due for a correction?

Major Indicies all right around resistance. Starting to look unsustainable at these levels. Bearish wedge patterns forming could be an indication of a correction. I would welcome a pullback at this point and will be a buyer on any market dips.

I'm holding the positions I currently have. I'm not opening any new positions. I'm just waiting for another buying opportunity. My near term outlook is bullish.

Trade Set-up: Netflix

Potential good set up with measured risk. Place a stop just under support. If the market moves this up on Tues above the intraday close, I think this is a buy. Look for overhead resistance once price levels close the gap.

$WYNN, Another Shorting Opportunity

50ma acting as resistance. 

Weekly outlook is bearish starting the year with a bearish candle formation.