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And the good news is, I see quite a few bears falling asleep again. Our trading has been fantastic in 2016, especially in the beaten down Precious Metals sector, Commodities like Steel and Aluminum stocks did well, and Oil and Energy. The bears had attacked these sectors for quite a while, but now it seems that when one sector runs strongly and then gets a little tired, another one that was selling off begins perking up. That seemingly bearish selling fades and the baby bear goes to sleep, allowing us to do some sector rotation in our trading.
This weekend we'll discuss which bears look to be calling it a day, and also review Gold, Silver, and Miners. We should discuss what happened Friday and whether it is the start of something big, or just a little noise. lets review...
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SPX - We've been watching this constructive consolidation for a while. This was the Aug 1st chart.
SPX - The Jobs report gave it the needed boost to put any thoughts of a bearish drop to sleep for a while. The dip 3 days ago was likely a 1/2 cycle low of this daily cycle.
Lets look at the weekly chart ...
Read More The May and June Jobs report numbers came in very low, and it was given an 'F' by many reviewing it. If we get another low number this morning, it will likely be graded an 'F' too. What if the numbers suddenly come in strong? It's probably worth an 'F' too, for 'fudging the numbers'. 🙂
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Today we'll take a look at Oil, Gold, Silver, Miners and some energy stocks that seem to be setting up bullishly.
Read MoreThings still seem to be progressing along in the various sectors of the market that we have been following. Lets take a look.
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SPX - This sideways move is really a bullish consolidation. As time goes by, we get deeper into the daily cycle, but this is holding up rather bullishly. On a wkly chart, it is forming a very bullish pattern.
Tuesday we saw this back test on the NYSE, and it held and reversed higher Wednesday.
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