Volatility. It is what we expected and it is what we have with Tuesday’s big down and upward reversal, down hard again yesterday and today very green in pre-market. This volatility applies to most assets markets including the precious metals. It is the nature of the beast during a news-rich summer, with many operators on vacation or semi-vacation (with some players not able to resist peeking?).
A good report, as usual. That may sound smug but #348 is another report helped me personally because as usual I don't go into these things so much trying to…
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.
It is more important than usual to be fine tuned on exactly why the gold sector, rising as it is with the general 'anti-USD' trade, is different. We go into…
Stock Markets
Interesting developments in the markets this morning. Apparently momentum-fueled markets are getting knocked down by some hype from China pertaining to authorities allowing shorting of Chinese stocks. That is not fundamental to anything, but it is a shot across the bow to over confident bullish momentum players the world over. In true momo fashion, they are knee jerk selling in response.
S&P 500 unsurprisingly did not follow through on yesterday's China hype-fueled rally. Lateral support is shown along with two targets if support breaks. The targets are plotted by 3 charts…
Well, I just wrote 42 pages. I'm spent, so no big promo. I am personally enjoying the market for what it gives and having a good year so far. In…
An important new theme is introduced with respect to the Fed and its unruly subject, Uncle Buck. Lot's of other good stuff too. Subscribe to NFTRH Premium for your 25-35…
US Stock Market
S&P 500 is +5% today in pre-market and I have not covered my short position on SPY, although for NFTRH+ purposes, the preliminary bearish trading target was 206 (SPY closed yesterday at 204.98). So that trade is complete.
I expect SPX to eventually move down to the support zone at 2000 +/-, where the decision would then be made as to whether or not we are going to test lower levels. So interim bounces could be additional shorting opportunities, as was Monday’s little joy fest.
Just moving along in 'swing' mode, doing what the markets tell us to do and not trying to force anything. Simple, but it works.
332 is a good one. They all have been lately in my opinion. I know that because each week doing the work in these reports (and in-week updates) helps orient…
Usually on Wednesday mornings we do a standard ETF update. But given the interesting things happening across several markets, this morning I thought I’d do a freer flowing update.
A snapshot of current daily technicals…
Precious Metals
GLD broke back above the first key support level. 120-122 will be a big test. A rise above 120 would put in a short-term higher high to go with the recent higher low. 114 is where key support begins.
A snapshot of the current daily technicals…
A lot has changed since last week’s ETF update. One notable exception is the first item…