Metals higher should continue

Yesterday I have some goals for a silver pullback and hit it. 38% fib today. I also think gold is exaggerated on the far side and should begin to resurface from here. How is UUP at the upper Bollinger band reacts according to, all do it until it is go around this time.

Blocking all major economic news (rockets from Cali, Chinese dumping dollars, etc.) the Dow & metals should it together with a dollar collapse continue upward trend.

It is twice as bad strange like a sellout seems if you have to go down?

Not sure this 2 huge red Candlesticks…. they are just an illusion.

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Drifting Higher

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I’m seeing enough positive things in the Nasdaq that leads me to believe we’re going to move higher. How far exactly I can’t say, but my signals are now bullish and the ability of the markets to stay above the June highs is encouraging. Right now I’d say we have about 50 points of upside before we’ll be able to determine if this is going to move above that area of resistance.

Everybody is going to talk about the volume issue and I realize it is the elephant in the room, but this is the summer and volume is often lower. Add in the completely obvious head and shoulder pattern that is developing and it’s easy to be a bear now. The main problem with this angle is that the market never rewards the obvious. 

If we break down from the little area of consolidation, all bets may be off. However we’re more likely to break out in the direction we’ve been moving over the last week. And if you want to stay out of this market, try the gold market as it just broke out and should be a good trade from here on out.

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Stocks Open Higher But Sell Off Into The Close

Stocks gapped higher this morning but sold off late in the afternoon on news that credit rating agency Moody's lowered its rating on Greece's debt to junk status.
The S&P tested the high of this month today but was unable to close above this key level. You'll notice in the lower panel that the MACD is on a clear buy signal. Recently, the MACD signals on this chart have been good for several weeks once we have a decisive crossing which is what we have now. Let's see what happens tomorrow.

Posted byKevin 

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