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Welcome to the weekend report after a semi puzzling week. We saw higher Gold & Silver prices, and lack luster GDX GDXJ performance. Let's get right into the weekend report...
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SPX - I have a target for this move, but on Feb 22 I thought we could get a multi-day pullback to the 10sma before moving higher. This would be similar to what we saw in December.
SPX - We have had a 4 day sideways move to the 10sma, stronger than that dec drop, and another reversal higher Friday. Will we reach 2427 on this run? At this point in our timing, I would expect a dcl before getting that high, and then a continuation higher. The markets have been strong in this area of new highs ( no resistance) so time will tell. As recommended, a trailing stop would have worked very well.
Read MoreIf you want to look good while you're performing tricks on the slopes, you definitely need to stick that landing. Let's see if we had that in Thursdays trading...
GOLD - We were looking for a higher high to give us a peak that could make this a right translated daily cycle. Gold stuck the landing with this break out, and the volume was encouraging.
If Gold continues to stick the landing, it should make it to this target area.
Read MoreThe Fed Minutes were released on Wednesday at 2 P.M.. Was there any change?
SPX - No change here. We could use a pause if we are going to reach a target of 2400+.
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