Monthly Views: Stocks, Commodities, USD, Yields, Gold and Silver

As we approach the end of February I think some of these big picture charts are telling some interesting stories.

Dow is testing its channel breakout, which actually looked like a manic surge.

dow

SPX is doing a similar thing. Note how far down the first clusters of lateral support are on each of these. 18,000 and 2100, respectively.

spx

When trying to chase buying opportunities casino patrons pile right back into the tried and true stuff, which is why I bought GOOGL at the bottom of the correction.

ndx

But they are pile driving back into Semi now, which is why I just gave back my profits from the short side of this sector. For laughs, check out my stupid SOX targets created back at the beginning of the cycle.

sox

RUT shows targets that were actually grounded in the market’s future reality. It’s been a relative laggard for a while now.

rut

Nikkei is testing its big picture breakout. With the Yen weakening again I gave currency-hedged Japan another shot.

nikk

TSX got dope slapped, but attempts to hold long-term support.

tsx

DAX beat one target and got somewhat close to another. Europe needs the Euro to cool down.

dax

EM threatened the highs before getting pushed back. USD will play in here.

msemf

Speaking of USD, Uncle Buck is at the long-term support from 2009-2010 that we’ve been talking about.

usd

10yr Yield… boink, at target.

tnx

30yr Yield probing below target.

tyx

CRB close but no cigar on a breakout.

crb

Crude Oil… rut roh, breakout failure. In-month, at least.

wtic

I hate this commodity. I have proven I don’t really understand this commodity. I wonder how many casino patrons took the breakout in January only to take the pain in February.

natgas

Here is another contemptible one. Do you think the performance matches the hype this sector gets? Me neither.

u

GKX seems to me to beckon the 240s, but lately it’s been curling upward.

Copper is clustering around above support.

copper

As are its Industrial Metals friends.

gyx

PALL is in the running for the 4th Horseman, for when my lovable Amigos morph into the bringers of economic and financial Armageddon. Okay, calm down. But it does seem key to the macro from several different perspectives, mostly in its ratio to gold.

pall

PLAT is more interesting from a non-casino patron’s perspective. Will the breakout hold through February?

plat

Gold lurks. Seriously, gold is just hanging around at a very key resistance point. If it breaks gold focused writers are going to climb all over each other trying to be the one to tell you all about it. The thing is though, everyone sees this pattern and most people already knows what it means.

gold

Meanwhile, will you get off your ass and LEAD?! Just kidding, Silver would go after gold on a big picture view like this. :-)

silver

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