MARKETS UPDATE (3:35 pm EST)
The standoff between bulls and bears continues (so far) this week in the precious metals markets. Gold continues to look a little more bearish than silver and so we are staying with our short positions in gold (we bailed out of our silver shorts last week). We are watching carefully for a further correction down in both these metals. In the event of a sudden and clear "breakout" (say, gold above the 1720-1730 area, silver above the 33-34 area) we may have to abandon our bearish stand.
The broad stock market is flashing more bullish signals this week but is also due for a correction, so we continue to wait for a better entry point to go long here.
Crude oil has risen only slightly since last week's terror attack on an Algerian gas plant, and the price is now pushing against a resistance level in my chart analysis. We are also in a time window for a likely reversal. We may attempt a short-term short sell here if we get a strong sell signal, but oil is looking somewhat bullish medium to long-term and we may just wait for a correction and then go long. Still on the sidelines here.
The standoff between bulls and bears continues (so far) this week in the precious metals markets. Gold continues to look a little more bearish than silver and so we are staying with our short positions in gold (we bailed out of our silver shorts last week). We are watching carefully for a further correction down in both these metals. In the event of a sudden and clear "breakout" (say, gold above the 1720-1730 area, silver above the 33-34 area) we may have to abandon our bearish stand.
The broad stock market is flashing more bullish signals this week but is also due for a correction, so we continue to wait for a better entry point to go long here.
Crude oil has risen only slightly since last week's terror attack on an Algerian gas plant, and the price is now pushing against a resistance level in my chart analysis. We are also in a time window for a likely reversal. We may attempt a short-term short sell here if we get a strong sell signal, but oil is looking somewhat bullish medium to long-term and we may just wait for a correction and then go long. Still on the sidelines here.
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