Charts I am Watching

Just a few of the many charts I am trying to keep an eye on (and yeah, my head is spinning… but in a good way).

First, here is my friend Huey; HUI tickled the top of the longstanding downside target today.  It is now time for gold stock aficionados to be on alert.  The ones who were ready for this as buyers, at least.  Assuming the fundamentals are at least somewhat in order (there has been some short-term damage in that area) the downside would seem to be limited to the April gap, down around 180.  Regardless, technical risk is much reduced now and I bought a couple bombed out, but quality items items today.  No hurry; bounces notwithstanding, this may not be as quick a process as some may hope.

hui daily chart

Gold vs. Stock Markets will be very important to the miners’ case.  This breakdown in Au-SPX had better be like the one that happened in May, which was quickly reversed.  If this chart were to go to hell and the bugz were to keep touting?  Well, you know the drill.

gold vs. spx

S&P 500, AKA the Teflon Don continues to dwell below the SMA 50.  That is the bears’ hope right there.  I have been short SPY since the post-FOMC euphoria burst as a partial offset to longs.  I actually don’t really care which way this goes, although I’ll benefit if the market goes up and lose less if it goes down (assuming I do no interim selling).

spx daily chart

Same status with my short position on BSX, which is fine below the EMA’s 12, 20 and 50.  Above them I start to think ‘maybe not so fine’, with the SMA 50 the ultimate decider.

bsx daily chart

While fair haired Large Cap boys, Intel and Cisco continue to look good on the long-term (monthly) and I hold ’em just fine.

intel and cisco systems monthly chart

Palladium got hammered this week.

palladium daily chart

Silver got hammered this week.

silver daily chart

The above are important because Pall-Gold is on the verge of a positive economic signal, though has actually eased this week.

palladium vs. gold

And Silver-Gold ratio (SGR) has dropped through support to a test of the EMA 80, which was gonna happen sooner or later, folks.  This one is a gauge of the potential ‘inflation trade’ as well as a still risk ‘on’ atmosphere for the general markets.

silver-gold ratio

Particularly interested in SGR’s test will be commodities.

silver-gold ratio and crb index

Finally, a look at the ‘inflation expectations’ meter, TIP-TLT (daily).  Well, it’s interesting isn’t it?

tip-tlt ratio

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