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Lets 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.
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