The massive equity market rally on Friday was driven by short covering and a jobs report that was more favorable than the market expected. This week is going to be a battleground between the bulls and the bears and is going to be a very important week, in my opinion. Are the markets going to continue last Friday's strengths or are we going to see a two-way trading market with a Grinch-like ending for December? Since the beginning of December, I have been warning investors to be cautious as this month tends to be a difficult and volatile month because of the holidays. Not only do investors have the market to worry about, but also the threat of terrorism which I think is in the back of everyone's mind here and in Europe. This morning, Crude Oil (NYMEX:CL.F16.E) is very much on the defensive as it has clearly crashed throug the $40 level and looks set to test my $37.50 downside target zone. This was a market I talked about last Friday as a possible weekend short based on the 52-week new lows on Friday rules. Gold (FOREX:XAUUSDO) is set to open lower this morning and I'm watching it with great interest as Friday's move was more than just short covering, in my opinion. Ideally what I would like to see is for it to begin to consolidate at current levels. What that might mean in the real world is more choppy action for the week. The key level to watch this week is $1100, should this level be broken on the upside it would signal the start of a bull market in gold. The sharp upward rally in the indices on Friday pushed them back to resistance levels where they have run into problems in the past. I'm not convinced that we are going to go straight up from here, before and if that happens the market is going to have to consolidate. In today's video, I will be touching on all the markets I just mentioned, plus I will try to find one or two stocks that I feel are on the move.
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