The summer correction came and it lasted exactly one day!
Well, that is hyperbole because what really happened was that a market that was sagging and losing momentum was shoved downward in one great, noise-filled plunge as some indexes reached initial support targets that we were noting.
Dow is up solidly today, but this is only bouncing it to the broken 50 day moving averages. SPX is up a smaller amount, which makes sense since it was…
EMC is long-standing leader in data storage for governments and business, and as such has been in the news lately as a victim of constant hack attacks. Okay, fine. NFTRH+…
For those who are bullish for a trade in energy in general and in Canadian dividend plays in particular, here is the constructive looking daily chart of ERF. First a…
I have purposely not looked at anything having to do with First Majestic’s fundamentals. This is strictly a daily chart setup for precious metals players who either like or want to trade this stock. The post is made with the assumption that our proposed ‘silver leads gold in a resumed inflation bounce’ is still in play.
Roughly 24 hours before the latest great ‘decision’ gets handed down on whether or not the Fed is considering changing ZIRP-eternity any time soon I thought I’d put up a general update of various markets.
It is the same old theme for the S&P 500, with a sideways to up bias on the intermediate and slight downward bias on the short-term. SPX is grinding up and down every couple days and this is a market that people should stand aside from, outside of individual trades and long-term orientations taken for other reasons. This market is and has been going nowhere.
A quick add-on to yesterday morning's update. While the US dollar declined and the TIP-TLT ratio, long-term interest rates, commodities and nominal gold and silver all rose along with stocks…
From NFTRH 346: "It is possible that an A-B-C type correction began in March and ended in May and now a new bull leg has begun. But until 98 is…
The Emerging Markets (EM) have been weak over the last month as the USD made a recovery rally. Today USD index is making a drop below the 50 day moving averages and the upside target of 97 we had noted (currently at 96.20).
This brings into focus the prospect of a ‘C’ leg of an A-B-C rally in commodities that was reviewed in NFTRH 345 and also the prospect of the EM fund EEM maintaining its series of higher highs and higher lows.
US markets opened strongly in the green and reversed downward amidst an already suspect general technical status. A ‘pop and drop’ reversal is usually not a good thing, but it is early in the day.
While gold vs. the S&P 500 has not done much yet, I want to show a view of gold vs. a couple market leaders, the Russell 2000 and Biotech index, looking constructive.
The subtitle for this update could be called ‘Default to Cash’ (D2C), which is exactly the sentiment that has been repeated for much of 2015 as the market jigsaws up and down, trying to slice everybody up.
The US dollar is bouncing from the 94+/- support zone. I do not have a read yet on whether it will continue to bounce to heavy resistance or drop further into support in the short-term. Yesterday’s post gave some perspective on this.
The USD is bouncing from the projected support area around 94. Further, some economic data came in firm this week and ISM was stable, with its exports component bouncing solidly. That was in keeping with the weakening dollar easing the pressure as a rising dollar had increased it. Continued firm data could attend an expected bounce in USD.