Small Cap Slingshot

Well Friday sucked for me and turned into one of the worst days of trading this year. Over the weekend I shook off the day's losses, and hit the charts hard to come up with a game plan for this coming week. Here it is.

Since Friday's lows broke January's lows, I see more pain on the horizon. I am anticipating a quick drop sometime next week followed by an equally abrupt rise. We might end the week slightly higher or lower overall, but there may be a 4% swing between the highs and lows.

I have several small long positions that I will be closing, but one I will keep open. Last Tuesday I bought some Fox Petroleum Inc. (OTCBB: FXPE) trying to capture some of the runoff of the recent run in crude oil prices. It has paid off nicely so far, and is currently up 30%. I think oil has a lot more upside ahead, so for now I am keeping this position open.

Good luck and see you on Wednesday.