Stocks, Gold, Dollar higher

Stock indexes hooked back up today. It was a choppy session, with a lower opening, a sharp rally, then going back into the red, and then finally being able to hold onto a rally. The Nasdaq, which has been the weakest of the indexes, opened sharply lower into the tail area, or rejection area, from Jan 23rd. Prices seemed to reject that level once again, at least for now. Trends and momentum are still down, and a bounce is normal after three down days. There isn’t much significance that I can see on the S&P chart, as there was on the Nasdaq. I’ll still use rallied to short until trend turns back up.
The gold market had some follow-through today, after bouncing off the uptrending trend lines and momentum turning back up in the direction of the trend. I’m still very skeptical of this uptrend. It looks like the market wants to make a run for the recent highs. More will be known when that high either fails or is overcome. I vote for failure, but that’s just a gut feel. I’m on sidelines in futures as I think market is too dangerous, but still am holding core position in mining stocks. Hopefully the radio ad guys promising $1500 gold by next week finally pull their ads it will be safe to go back in this market. But one thing that is impressive about the move today was gold rallied in the face of a sharply higher US Dollar index. The dollar index trend is sideways for the moment, but that’s an improvement over the long downtrend. It looks like the trend may turn up soon, so pull backs in the dollar could be warranted.

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