Moving Forward On A Fed Wednesday

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Today is sort of a Fed Wednesday. It doesn't mean that there will be some big surprises, and in fact I do not expect anything like that, but I didn't want us to go into this blind folded. Certain areas of the market are due for reversals in my opinion, and a Fed testimony before congress can act as a catalyst, even if nothing new is said. Lets just Look at the charts.

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Tuesday the NIKKEI was down 900 points, and it is currently down another 400 this morning, but...

NIKKEI

They couldn't get the sell off in the U.S. going.  THAT should have sold off the U.S. markets if they are going to drop In My Opinion.   I've been expecting a bounce, no change.

SPX 2-9

I have mentioned that when I look at the Banking index, it broke down and is struggling at lows...

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I’m Starting To Sell, Not Chase

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What a rocket ship ride Miners have been on.  Buying the lows has brought about some huge gains for some, and I had encouraged not selling too early with this type of set up.  Now it is time to start thinking about locking in gains, and not chasing these moves.  A pull back will come and that may lead to a buying opportunity.

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GDX - And we have a shooting star/reversal candle in  GDX and many of the Miners. A pull back usually follows.

GDX 2-8 at 15  

NEM - I was looking at that large base and encouraging those holding a Miner like this that it may not be time to sell yet,  just because the 200sma usually acts as resistance. This could keep running.

NEM 2-1

NEM - But now one has to start seeing this straight up move as a time to at least start locking in partial profits, and using a trailing stop on the rest.

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GOLD PART 2 – IN Search Of A Bottom

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This is part 2 of the special weekend report discussing how we Search for a possible bottom in Gold. This half of the report will include many more charts with just the facts of what is happening in many areas.   Again, these facts keep both Bull and Bears unbiased.  They also indicate that GOLD may already be hammering in a bottom.  Miners especially have the hallmarks of a longer term low in place.

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This chart adds to out last discussion in part 1 and my Big Picture view that I have been pointing out for months now. I pointed this out in this DEC 11 chart .  It shows that with the SPX bull market , and the bear market in Gold, we have repeatedly seen Gold ICL'S ( deep trade-able  lows) and also Golds Bear Market Rally Peaks  moving inverse to  The SPX .  I drew this to make that clear.

T= a TOP  &  ICL = A LOW

  SPX RATIO VS GOLD

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I also said that I would be looking for a break down in this area ( A change). Here is my updated chart

GOLD SPX 2-6

So...

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