Beige Book

Just a reminder that the Fed will be speaking at 12:45

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Leaders And Laggers

I believe that today the Beige book is released and Janet Yellen speaks.  Will that change current conditions in the market? We'll see, but right  now in a sector that sold off to new lows, we are seeing leaders emerge.  We'll discuss that after a brief review of the markets.


SPX - I'm noticing a weak MACD ,but the RSI looks good.  I still think that the markets can break to new highs, but being the 3rd daily cycle I also think that the upside may be capped a bit for now. Notice how the 10sma held the decline.

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Did You Short The Gold Break Down?

In my weekend report I warned about a possible false break down in Gold.   I received emails saying that many 'shorted this sucker for the final flush down phase'.  I repeat, Please use & honor your 'stops', I see things differently.   I'll explain after a market review.

The SPX was looking bullish and I expected a break to higher price, but today there are areas that need to be noted and watched.

SPX 11-30

IWM - This also had a semi high volume rejection at the 200sma. That doesn't mean that it is done, but we'll watch to see if the 10sma or another area of support can hold it up.

IWM 11-30

Here is where it gets interesting...

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