MARKETS UPDATE (1:45 am EST)
I will be unable to post any blogs today (Friday) as I will be traveling so I am giving a brief update of the markets early this morning.
Precious metal prices have moved lower this week, but gold is still closing above $1264 while silver remains above its $16.06 low, and we still have intermarket bearish divergence as we move into the center of the current reversal zone for these metals (it ends next Wednesday). Both metals may be ready to reverse up now. We are out of silver, but let's hold our long position in gold until we see prices close below $1264 and silver break below $16.06.
The broad stock market continues to drop as we move into the end of the current reversal zone for equities. This market is falling steeply, but it still has time to move lower before the reversal period ends next Tuesday. We are still waiting for signs of a bottom to go long. On the sidelines for now.
Crude oil prices are rising this week and also staying above Monday's low of $63.40 (Aug. contract chart). We are hoping that was the start of a new medium-term cycle (it was in a reversal zone). If so, this rally should continue and possibly challenge that $72.70 high from May 22. Let's keep our stop loss for our long position in crude on a close below Monday's low. Holding my long position here.
I will be unable to post any blogs today (Friday) as I will be traveling so I am giving a brief update of the markets early this morning.
Precious metal prices have moved lower this week, but gold is still closing above $1264 while silver remains above its $16.06 low, and we still have intermarket bearish divergence as we move into the center of the current reversal zone for these metals (it ends next Wednesday). Both metals may be ready to reverse up now. We are out of silver, but let's hold our long position in gold until we see prices close below $1264 and silver break below $16.06.
The broad stock market continues to drop as we move into the end of the current reversal zone for equities. This market is falling steeply, but it still has time to move lower before the reversal period ends next Tuesday. We are still waiting for signs of a bottom to go long. On the sidelines for now.
Crude oil prices are rising this week and also staying above Monday's low of $63.40 (Aug. contract chart). We are hoping that was the start of a new medium-term cycle (it was in a reversal zone). If so, this rally should continue and possibly challenge that $72.70 high from May 22. Let's keep our stop loss for our long position in crude on a close below Monday's low. Holding my long position here.
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