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Friday gave us what looked like a Melt Down across the board. Like the Theme picture, melting does not necessarily mean that it is time to throw it away. We may find some good buying opportunities when the selling dries up. Let's take a look at the Markets...
DOW JONES #1 - WEEKLY - I was just pointing out this week that we haven't really seen a 2 day sell off in a long time, but we were due for a DCL ( Sell off). Well, the Dow dropped 666 points on Friday ( No, I don't ready ANYTHING into that ) 🙂
Read MoreAfter a quick market review, I was to discuss a bit further the risk reward in front of us in the Precious Metals Sector.
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SPX - We are actually pretty late in the timing for a dcl, so even though this drop can meander like the one in November did, it may just be a brief dip.
Read More Welcome to another Fed Wednesday. Let's review what took place on Tuesday, and then discuss what may take place after the Fed Decision (which is pretty much already baked in).
DJIA - Finally, 2 down days in a row and a close under the 10sma. The DOW has started a drop into a daily cycle low.
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DJIA - Monday was a down day. let's see if we can get 2 days down in a row, since we haven't seen that for weeks. 🙂
Read More We rode out some choppiness this week, so the weekend report can act as that 'beacon in the storm' that guides us along. Let's review our Markets...
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SPX WEEKLY #1 - As expected, the General Markets are accelerating and this weekly chart shows the last 4 weeks as strong green weeks. A trailing stop has been very effective for those riding this 'long'.
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SPX - The General Markets continue higher, and the pull backs have hardly been below the 10sma. This is a doji candle and usually leads to a reversal top, we are due for a deeper drop, but as I have been saying for weeks and months now - just use a trailing stop and you can stay long in this type of bull run ( Some are in UPRO, UDOW, etc).
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Let's get right to yesterdays action...
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SPX - I believe this is day 44 of this daily cycle. It looked like a bull flag going into the weekend, and it did break upward, but it is late in that daily cycle. I would expect a small pull back soon. These are very bullish markets.
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