Posted in Daily Comment, Gold on Mar 13th, 2008
Gold hit the magic and much anticipated round number of $1000 today. It fell back a bit mid-morning, then rallied up through it one more time, and then settled back about three dollars under that level. CNBC kept reporting how the back months held up above $1000, therefore traders must be anticipating higher prices in [...]
Posted in Daily Comment, Gold, QQQQ on Feb 19th, 2008
The gold market was up sharply today. In previous posts I mention the formation of another triangle, as can be seen by the yellow lines. I also mentioned that it looked like momentum was turning down. With my bearish gut feel, due to extreme bullish sentiment, and momentum oscillators looking like they were starting to [...]
Stock indexes were mixed on Friday, with the Dow and S&P lower, and Nasdaq higher. Yesterday I mentioned that the Nasdaq opened on Thursday into the rejection area from the Jan 23rd candle, and quickly recovered to create a reversal bar up. This was a rather weak reversal bar as prices were unable to hold [...]
Posted in Daily Comment, Gold, SPY, Stock Market on Feb 1st, 2008
The stock rally continues, at least in the major indexes. I have been skeptical of this rally as trends are still down and short term momentum is overbought. In the S&P this is shaping up to be a very rare “V” shaped bottom, at least it appears to be on the chart. That spike pivot [...]
The Fed cut the funds rate and the discount rate each a half percent, as expected. The Fed would have shown more backbone by cutting a quarter and not caring what the stock market did, but they didn’t ask me. The market is going to go where it wants to go. Pushing on a string [...]