BRIEF MARKET UPDATE (2:00 pm EST)
There are no changes in our positions today (out of all markets at the moment).
Yesterday the charts for the S&P 500 and NASDAQ became very bearish while the DOW remained neutral, but today the DOW is also flashing a bearish momentum signal and so I have to interpret the broad stock market as very bearish for now. The DOW is breaking below 15,000 today, and this bearish momentum along with other short-term technical signals are indicating that it could go lower. We are still on the sidelines of this market.
Gold and silver continue to maintain their bearish momentum with gold staying near the $1400 mark and silver hovering just above $22. Based on the present downward momentum we are on the sidelines of precious metals but are waiting for a signal to go long.
Crude oil is rising a bit but seems to be rounding over and may be forming a top of some sort. Momentum is still bearish. We are remaining out of this market for now.
We are entering a timing zone towards the end of this week and into the beginning of the next when all markets could make strong reversals so we need to watch market directions carefully during this time.
There are no changes in our positions today (out of all markets at the moment).
Yesterday the charts for the S&P 500 and NASDAQ became very bearish while the DOW remained neutral, but today the DOW is also flashing a bearish momentum signal and so I have to interpret the broad stock market as very bearish for now. The DOW is breaking below 15,000 today, and this bearish momentum along with other short-term technical signals are indicating that it could go lower. We are still on the sidelines of this market.
Gold and silver continue to maintain their bearish momentum with gold staying near the $1400 mark and silver hovering just above $22. Based on the present downward momentum we are on the sidelines of precious metals but are waiting for a signal to go long.
Crude oil is rising a bit but seems to be rounding over and may be forming a top of some sort. Momentum is still bearish. We are remaining out of this market for now.
We are entering a timing zone towards the end of this week and into the beginning of the next when all markets could make strong reversals so we need to watch market directions carefully during this time.
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