The GLD ETF was only marginally higher today while the stock market had a very strong day. The GLD ETF finished with a daily reversal hammer and the volume today was surprisingly light. I did a post previously articulating some concern about the somewhat sluggish gold price uptrend in recent months. The sluggish gold price … Read more
The SPY got a confirmed bullish break above the 113 resistance level. The volume on the SPY was the robust but by no means record volume. I would have liked to have seen a 320 million share day on the SPY ETF instead of 217 million. Still the SPY ETF did show a very strong … Read more
So far 2 hours before the close of session it looks like the sp500 and the SPY ETF wants to choose the bullish option. In my previous post I made the point that despite the potential for topping as of 9/17/2010, the market was not showing us a real confirmation of anything yet. Dojis and … Read more
The tape has been very slow the last several days. The sp500 finished the week Friday by printing a near perfect doji candlestick right at the top of the all important resistance range. Doji’s tend to be more reliable at pinpointing tops as opposed to bottoms. The doji we printed 9/17/2010 in the sp500 is … Read more
Someone asked me some time ago whether or not BRKR was a good buy or not on August 4, 2010. I wrote up a post on it and indicated that it was probably due for some type of pull back first that would maybe create a cup and handle formation. As it turns out Bruker … Read more
The second half of September that finishes up the monthly candlestick on the US Dollar index is going to be very important for several markets going into the end of the year. The long term chart of the US Dollar Index shows that it had a very persistent decline from late 2001 into early 2008. … Read more
I have been trying to come up with some reasons why the market (sp500) could be at some type of turning point here and head down. The 60 minute chart on the sp500 shows a possible small head and shoulders top over the last 4 days, but there has been no break down through the … Read more
The SPY ETF looks like it is getting ready to ‘jump the creek’ so to speak as it is sitting right under the all important swing trading resistance line. The MACD histogram is printing a bearish triple M which is as of today unconfirmed. If we close below today’s low tomorrow then it would get … Read more
The gold price shot higher today with a lot of strength not only in terms of price expansion but also in terms of volume, at least on the GLD ETF. Today the GLD ETF tested and closed above two very important swing highs that market previous life time high prices for gold. June 18, 2010 … Read more
I am becoming concerned about the gold price trend. On July 6, 2010 I did a very bearish post on the gold price on a more longer term basis. Since then I have oscillated back and forth from bullish to bearish since gold was able to evade the weekly bearish divergence MACD sell signal. But … Read more