BRIEF MARKETS UPDATE (2:30 pm EST)
Despite a small dip on Monday and Tuesday (almost certainly due to Wall Street jitters concerning the Jan. 6 presidential election confirmation), the broad stock market did not take a significant correction this week as all three major indices (DOW, S&P 500, NASDAQ) made new record highs. Next week finds us moving into another strong reversal period (Jan. 12 - 21), so we may see a top (with bearish divergence) then. For now, we remain on the sidelines.
The big financial news today is the dramatic drop in gold and silver prices - not a surprise to me as I had been suggesting in previous blogs that gold's medium-term cycle had turned bearish, and some sort of corrective drop was due in both metals. We are still on the sidelines of both metals.
Following the broad stock market, crude oil has also pushed to new highs this week. Because there is no reversal zone this week, we may see higher prices into next week's reversal before any corrective drop begins. Still out of this market.
I will post a more detailed markets update this week-end.
Despite a small dip on Monday and Tuesday (almost certainly due to Wall Street jitters concerning the Jan. 6 presidential election confirmation), the broad stock market did not take a significant correction this week as all three major indices (DOW, S&P 500, NASDAQ) made new record highs. Next week finds us moving into another strong reversal period (Jan. 12 - 21), so we may see a top (with bearish divergence) then. For now, we remain on the sidelines.
The big financial news today is the dramatic drop in gold and silver prices - not a surprise to me as I had been suggesting in previous blogs that gold's medium-term cycle had turned bearish, and some sort of corrective drop was due in both metals. We are still on the sidelines of both metals.
Following the broad stock market, crude oil has also pushed to new highs this week. Because there is no reversal zone this week, we may see higher prices into next week's reversal before any corrective drop begins. Still out of this market.
I will post a more detailed markets update this week-end.
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