BRIEF MARKETS UPDATE (1:30 pm EST)
I am traveling today so I'm posting a very brief market update here. I will post a longer blog sometime this week-end.
The broad stock market hasn't fallen much this week, and we are now about to move out of a strong reversal zone. The correction we've been waiting for could have started from last week's highs, but if we see new highs in this market next week, the cycle may be distorting, and we may need to wait several more weeks to sell short from a "blow-off" top. Holding my short position here for now.
Precious metal prices are plunging this week but could find some support at current levels for a relief rally. The trend in this market is likely turning bearish so we may look to sell short the top of any rally from here. Still on the sidelines of gold and silver.
Crude oil prices are also plummeting this week. As with the precious metals, this market's trend has suddenly turned bearish, and we may look to sell short the top of any short-term bounce from the low forming now. On the sidelines of crude.
I am traveling today so I'm posting a very brief market update here. I will post a longer blog sometime this week-end.
The broad stock market hasn't fallen much this week, and we are now about to move out of a strong reversal zone. The correction we've been waiting for could have started from last week's highs, but if we see new highs in this market next week, the cycle may be distorting, and we may need to wait several more weeks to sell short from a "blow-off" top. Holding my short position here for now.
Precious metal prices are plunging this week but could find some support at current levels for a relief rally. The trend in this market is likely turning bearish so we may look to sell short the top of any rally from here. Still on the sidelines of gold and silver.
Crude oil prices are also plummeting this week. As with the precious metals, this market's trend has suddenly turned bearish, and we may look to sell short the top of any short-term bounce from the low forming now. On the sidelines of crude.
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