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Friday seemed like some sort of an anti-gravity day, with most sectors climbing nicely higher. We even had Swing Lows enter the dance floor, so let's take a look at our current market set ups...
RUSSELL 2000 - We looked at IWM and TNA earlier this week as buy signals, and we have follow through. Raise stops and see if they continue higher ...
Read MoreWelcome to the last trading day of the week...
USD- This is a copy/ paste from yesterdays report, expecting a USD DCL.
UUP ( USD) - It looks like the DCL may have formed. I mentioned yesterday
Now let's discuss Gold...
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I will have many trade ideas at the end of this report.
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TNA - I mentioned that The Russell 2000 ( RUT, IWM, and you can use the TNA) Looked bullish, and this was the break out. It was and is a buy.
Read MoreThe release of the FOMC Minutes from the last Fed Meeting is scheduled to be released today. At times, this can cause a reaction in the markets, if the verbiage or language that was used seems more Hawkish or Dovish than originally interpreted. For example, if they were to mention a concern pertaining to inflation rising faster than expected, that could affect certain sectors, so we just want to be mindful that the markets could move unexpectedly around 2 P.M. Eastern.
SPX #1 - Right where the SPX was about to break to new highs, it sold off a bit.
Read MoreSometimes what seems to be impossible actually becomes possible, but a man rides in to town on Tuesday and leaves 2 days later on Tuesday? If that is possible, then I guess it is possible that Gold may have bottomed too. Oh, and by the way, his horse was named Tuesday. Let's review our markets...
Read MoreI hope that everyone can just enjoy some rest and relation this week, after last weeks market action. We also may want to rest up, because next week looks to be setting up to be interesting at this point...
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General Markets were a bit Mixed, and remain that way
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SPX - I've been expecting a drop into a dcl. The DJIA and NASDAQ looked to be dropping, and so did the SPX, but with a Wednesday reversal, it has moved higher. AT THIS POINT, I don't think that this is enough to be a dcl, but I shouldn't rule it out completely. Lets look at ...
Read MoreYou are likely hearing the same thing that I am...
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- "There is something incredibly wrong here, Miners have sold off before, but never like this!"
- "We have NEVER seen a drop like this in Miners, GDX will be in the single digits next week!"
- " This is much worse that 2008"
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It is even possible that this kind of fear and panic can affect how you feel about what you see. Yes, the sell off in the Precious Metals is steep, and it is the talk of the town. This week the drop in Miners has been extreme, as you will see, but is it really the worst drop ever? Does it automatically make Miners destined for the grave? I want to address this in light of these statements above first, and then I will still cover the General Markets, so let's begin...
GDX - GDX closed down 2.37%, and the last couple of days have been crash mode, no doubt about it. I mentioned in yesterdays report that the volume looks like capitulation. This is a very sharp drop, however...
Now let me show you something that you may find interesting. It might even blow your mind ...
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SPX - We saw the markets drop on Wednesday and start to recover as the day ended. I am expecting a dcl, and I do not think that this was it. We could bounce & drop or just continue lower, in my opinion.
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The markets still look a bit mixed, and I am expecting a dip into a dcl, so let's start by taking a look at the current set ups.
DJIA - I am expecting a dip into a daily cycle low and the DJIA appears to have a bearish rising wedge forming. There is room in the apex for another pop, but it should break down from here, since we are due for a dcl. Again, the DJIA is only 1/2 way to the Jan highs. After a decent run out of the last DCL, it has been a bit choppy.
It looks like we are back to Mixed Markets, some sectors stronger than others, but since I am expecting a drop into a DCL, I would be fairly cautious in all areas short term.
Read More Can't you hear the Thunder? There are plenty of rumblings out there in the land of the Miners. They have finally decided to really Join Golds sell off in earnest. We'll discuss that in the precious metals section after a quick market update.
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SPX - I've been expecting a drop in the general markets, and on day 31, closing below the 10sma, this is likely a drop into a dcl starting.
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