MARKETS UPDATE (3:35 pm EST)
The broad stock market was pretty quiet and stable this week, maintaining its gains after the resolution of the fiscal cliff crisis had kicked it into high gear the previous week. Some more bullish signs appeared in the markets this week, especially in the S&P 500. Nevertheless, the DOW, NASDAQ, and the S&P 500 are all approaching or touching resistance zones right now and timing factors indicate a possible short-term correction. We will therefore continue to stand aside these markets and wait for a clear signal and better entry point to establish a position (probably long).
Crude oil , like the broad stock market, looks like it may take a short-term but possibly significant correction here, and we may even attempt to sell this market short on a strong sell signal, possibly next week. For today, however, we remain on the sidelines.
Gold and silver rallied this week and made us a little nervous with our short positions, but both are strongly down today and the bearish factors influencing these two markets are still strong. We will continue to hold these short positions and will watch the precious metals carefully for a reversal after further downside movement.
The Swiss Franc also rallied strongly this week and is looking super bullish. Yet, there are still many factors that indicate a strong impending correction in this market so we will continue to wait for an entry point into this currency. A correction here would also support the argument for a reversal in gold and silver as these markets tend to move in the same direction (and opposite the U.S. Dollar).
The broad stock market was pretty quiet and stable this week, maintaining its gains after the resolution of the fiscal cliff crisis had kicked it into high gear the previous week. Some more bullish signs appeared in the markets this week, especially in the S&P 500. Nevertheless, the DOW, NASDAQ, and the S&P 500 are all approaching or touching resistance zones right now and timing factors indicate a possible short-term correction. We will therefore continue to stand aside these markets and wait for a clear signal and better entry point to establish a position (probably long).
Crude oil , like the broad stock market, looks like it may take a short-term but possibly significant correction here, and we may even attempt to sell this market short on a strong sell signal, possibly next week. For today, however, we remain on the sidelines.
Gold and silver rallied this week and made us a little nervous with our short positions, but both are strongly down today and the bearish factors influencing these two markets are still strong. We will continue to hold these short positions and will watch the precious metals carefully for a reversal after further downside movement.
The Swiss Franc also rallied strongly this week and is looking super bullish. Yet, there are still many factors that indicate a strong impending correction in this market so we will continue to wait for an entry point into this currency. A correction here would also support the argument for a reversal in gold and silver as these markets tend to move in the same direction (and opposite the U.S. Dollar).
RSS Feed