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After my long weekend report, I was planning on just a quick cover of the markets and then discussing various Miners. That plan changed a bit when the market action also changed a little bit. I received a few emails discussing concern over Italy leaving the Eurozone, and problems with Greece, the Euro, etc., and the possible affect on US Markets, so now I'll just briefly discuss this and a number of things...
SPX - I'm looking at 2 things here. Yes,our General Markets dropped a bit, but if Italy and Greece have problems, the US markets could also be considered a bit of a safe haven area. Money could eventually flow into these as an investment, so...
1. If this reversal at the 50sma holds here, this is a nice set up as a low risk entry. It looks like a back test of the recent break out too.
2. If it closes below the 50sma, I would be concerned that things could be breaking down and would become more cautious until things settle down.
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SPX - We discussed the break out from the down trend / triangle as bullish 2 weeks ago, but we really need some upside to increase the big picture bullishness. An ICL in Feb formed and I'd like to see new highs within this intermediate cycle. This is currently a bullish set up, as discussed in the weekday reports.
Read More Mondays Markets...
SPX MAY 18th - Last week I mentioned that we had a bull flag forming on the 10sma, so it should break higher...
SPX - The General markets did break higher, but they gapped open. Toward the end of the day, they started to sell off, but they still didn't close those gaps. The gaps could fill, however...
Read MoreRest up this weekend, and we'll review the markets and the action that we can expect as things move forward. I'm really loving the way the Precious Metals markets are setting up for example, so far very much as expected. Lets just get right into it and take a look at our markets...
Read MoreIt is Friday, the last trading day of the week, so let's review a couple of points of interest in the Markets, and then discuss a few more stock picks.
USD - The USD is heading toward resistance, but it can continue a bit higher. I will discuss this further in the weekend report.
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NASDAQ - I mentioned months ago that it looked like we could be starting a consolidation period ( or a topping process) in the General Markets. You can see that we are doing just that. I also mentioned that it is possible that individual stocks may do well, so we will briefly discuss some individual stocks later in the report. Also if this, over time, breaks out to new highs, it would be very bullish.
Read More Don't worry, we do have a remedy for that...
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