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Another 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.
Read MoreI have good news and bad, but the bad news isn't really all that bad either. The good news is that we have done a great job of pinpointing and navigating the lows of what appears to be an ICL ( a deep meaningful low) in the precious metals market. The bad news is that we now have to navigate the upside and as you will see, its a bit trickier than many may expect. Lets quickly review the markets first.
SPX- This has been no picnic for investors either. The SPX is basically flat for the entire year. Strong sell off and reversal yesterday, but can it break to new highs? It needs to be monitored. A break below the July lows in the next few weeks would be very bearish in my opinion.
Read MoreGold, Silver, and Energy stocks have been bottoming and some have begun adding nice %-Gains already. I had warned that if we didn't take a position, it might get very hard to do so. Why? We might see what is known as an Island Bottom. A Gap open higher that may not fill. I used this chart yesterday to point that possibility out.
Lets review some charts of Gold, Silver, and Energy stocks for potential entries...
Read MoreMid day thoughts...
Read MoreI was very happy to see the steps that the Metals and OIL markets took as the day went on. We will discus those steps in detail further on in the report, but first lets take a look at one of the major players in todays movement.
USD - many were saying how strong the DOLLAR was looking, but I was writing that it looked weak internally, since mid July. This should bode well for Commodities.
Notice the next chart of the Dollar...
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