The gold price and the SPDR Gold Trust (ETF) continues to be situated in a potentially pivotal position from both an intermediate term and long term basis. The question is whether bullish seasonal tendencies should be given more weight or the gold chart structure itself? The 34 year seasonal tendency especially from mid September onwards … Read more
The Russell 2000 Index is going to show us the true direction next week. I find it very interesting how we closed the week today. Low volume, very narrow range, and no real clue about the markets intentions going into next week. I suspect that we will finally start to see some real volume again … Read more
Today was very uninspiring for the bull case on many indices and in many different aspects. Volume was lacking today in a big way. Price conviction was lacking also. There were also plenty of reversal hammers created which would be confirmed on a close below today’s price low. The Dow Jones Transports Average is showing … Read more
The other day I talked about how REE Rare Element Resources Ltd was a unique type of stock because of the huge surge in volume relative to its previous average volume. I also mentioned that the stock would likely be a good buy setup if it can find a way to get down to the … Read more
Today may be the day that the bear market officially dies (in terms of technical analysis) as far as the SPY ETF is concerned. Pre market right now the SPY is already up over 1% which puts it above the top boundary line of the large symmetrical triangle I wrote about yesterday. If the market … Read more
The SPY ETF is still trading in a large trading range and is taking the shape of a symmetrical triangle. Volume was still very light today and no real conviction in either direction. I still suspect that we are going to trade down once again to the apex of the triangle before making any firm … Read more
I first mentioned Viking Systems Inc VKNG at BestOnlineTrades way back on August 9th and 11th, 2010 (seems like eons ago 🙂 ). At that time this penny stock which trades on the OTC BB was trading in the .30 cent range. Today Viking Systems Inc came out with news and the stock closed near … Read more
I changed my mind about gold only a few days after my entry into DGP. I am too nervous sitting right up here near the previous highs. My weekly chart on GLD looks quite promising, but the problem is I am still somewhat unsure how gold will react to a new topside breakout in the … Read more
Rare Element Resources Ltd is moving up in a vertical straight line and the momentum is quite astounding. The stock may become interesting if it can get some type of sharp correction back to the breakout area of 4.20 in the weeks ahead. The advancing volume on the stock is really a major sign of … Read more
There has been a lot of talk about the head and shoulders topping formation in the broad market indices in construction since November of 2009. Head and shoulders patterns are reliable patterns but they are definitely not guaranteed. Sometimes they do fail. I believe this one will fail because it does not have enough symmetry … Read more