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Our indicators are giving neutral-to-bullish readings this week. Energy stocks woke up this week following the news that members of OPEC have reached a deal to cut oil production, and we’ve seen what looks to be a fairly big short squeeze pushing them much higher that we would have otherwise expected.

On the other hand, the tech-heavy Nasdaq has seen a lot of selling over the past few days, and the index has now crossed below its 50-day moving average. The S&P 500 also lost hold of the 2,200 level yesterday, but I’m not sure that level is as important as some think. There is not much overhead resistance for the S&P at this point and, with the upward momentum we’re seeing, I think this rally is likely to continue.

As far as gold, because of the excessive debt across the world, and with numerous bubbles having formed in the U.S. markets alone, I’m bullish on gold over the longer term. However, I’m bearish on the yellow metal over the near term, and today’s trade will try to take advantage of that outlook:

Buy to open the Goldcorp Inc. (USA) (NYSE:GG) Jan (2017) 13 Puts (GG170120P00013000) at $0.75 or lower.

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