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We all know that the markets don't move in a straight line, and lately the volatility has made the path to successful investing a bit trickier. At times it is best to get a longer term view of where things are headed, so the wiggles or shake ups don't knock us off course. Lets look at some charts.
SPX - This summer I was looking for that drop in the markets.
The question is , is it done?
Read MoreAccording to Tom Petty, "The waiting is the hardest part". I do believe he's right, but at times it is the safest thing to do. For example, did you see the futures yesterday in the morning? The Dow was set to open up hundreds of points higher and in fact, most of the day the Dow was up 300+ points. We were putting in a very nice bounce and suddenly going into the close the Dow sold off and closed down 2o4 points. The S&P and NASDAQ did the same thing. Lets take a look.
DJIA - Both Monday and Tuesday if traders entered the markets during the rally, they were stopped out or seeing red by the close. Today the Futures are up big again.
The markets are very oversold. I expect a bounce up to the major moving averages, but that may actually be a shorting opportunity. Now If you look at the Dow this way, you can see that several more days like we just saw and you could make the case for the formation of a bear flag, wearing off oversold conditions.
Read MoreWe were not long the markets over the weekend, but if you woke up Monday and you were? The above picture is a perfect example of what that probably felt like. Dow futures were down hundreds of points and there was no escaping the bear claws. We expected a drop, but I was very surprised at just how fast and deep things unraveled.
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There will be a bounce, notice on the left side of this chart that even in Bear market sell offs, there are bear market rallies. Pretty big ones. We want to watch how that unfolds, as mentioned in the weekend report.
Read MoreAnother little victory for the precious Metals Sector. I like to enjoy them while I can, since I know how fast these markets can change. We actually saw Gold move higher after the release of the fed minutes yesterday, and that was a small victory. A short term top may be close, so we'll discuss what that may mean.
First , lets review these volatile markets.
SPX- The markets may finally be rolling over.
We've been discussing this for weeks and I have mentioned that topping is a process, but notice these additional signs.
Read MoreToday at 2 P.M. Eastern time, we get the release of the Fed Minutes. Today could amount to a lot of "Hurry up and do nothing!" until then. Lets review and see where the markets currently stand.
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SPX- yesterday I showed this break out, it looked bullish short term, but I noted that it looked weak internally
SPX - Price dropped back inside yesterday
How did the other markets fair?
Read MoreWanted to mention before the close...
Read MoreI've been seeing differences between my long term view and my short term view for the markets. This could be indicating that we are seeing turning points. Lets discuss why that could be.
SPX - I've been seeing this longer term. It looks like the markets are acting rather toppy. Monthly charts are now showing weakness quite clearly as well.
Now looking at things from an even longer term view...
Read MoreLets review last weeks market action by stepping back and looking at the bigger picture.
SPX - This long consolidation has left price right where it was in Jan. The MACD is dropping steadily on the weekly. This is a reversal candle so we may see a bounce this week.
Read MoreThursday saw Gold sell off a bit, but Miners were really shaken. Both GDX and GDXJ were down almost 6% . We were buyers last Friday and Monday, so should we be stirred by this selling? I do not think so. We will honer our stops if necessary, but lets check the charts for confirmation.
$GOLD - a pullback to the 10 & 20 sma as support is normal.
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