Stock higher, Gold higher

Stock indexes regained some of the ground lost on Friday, with the S&P going back to about the close on Thursday. The Nasdaq was less enthusiastic and only gained back a small amount of that loss, even it was set up with a little better technical picture with some bullish divergence in some of the momentum oscillators that was not as clear on the S&P. The big winner today was the gold market. Last Friday I suggested watched the failure of the push to new high. Any time a pivot, or swing point is taken out and the market can’t hold, retreating back below that swing point, those buying the breakout are trapped and there is a high chance of reversal. That was the case on Friday, but sometimes there is profit taking after several up day, especially on a Friday. Today prices relieved that worry, gapping higher and holding that new high area. The 916 area on Feb Gold still is an area that should be watched as a failure could still occur if it should fail to hold that area. The Baltic Dry Index is still declining, but at a somewhat slower pace. Nothing much new to show on the charts today.

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