275.36 (Sept 5th) and 283.91 (Aug 5th) are the next 2 resistance points for the SOX, and the 50 ema is right between the two.
That little bit is sufficient to move the COMP to 1350 in the next 2 days... which continues to set up its reverse H&S pattern.
There's a lot of SOX support at 245 for a pullback point and resistance at 305/325 to contain it thereafter.
So many bigs report this week that it's hard to bet much short though, till the COMP hits 1330-1355.
The bigs that report tail off from about Wed 10/30 till Wed 11/6, and reporting semis tail off after this coming Thursday.....
Gold & silver start reporting Tuesday...
So even though we could peak as early as Tuesday, I won't be looking for massive pullbacks before 10/28.
Looking to July, when gold sank hard in this comparable week, and how MMM acted Friday, and the news from JNJ, I'd say the odds are good for a Monday G&C on the indexes and for the rally to resume Tuesday or Wednesday....
I'd recommend:
--Monitor BVN (Tues), MDG PDG(Tues AH), AEM (Wed), GG (Wed AH), ABX DROOY (Thur), HGMCY (Fri), SIL LIHRY (Mon 28th), AU (Thur 10/31).
--Monitor the SOX, the $USD, and, since FRE also reports Wed; I'd monitor that too. This group of 14 should help define where the major indexes are going.
FYI, the other gold/silver companies report:
HL (Election Day pre-mkt), NEM (Wed 11/7 pre-mkt), RGLD (Wed 11/7), GLG (Mon 11/11), RANGY (Wed 11/13), TVX (Thur AH 11/14), and though I can't find fresh dates for 'em, GFI and KGC reported 8/1 so 11/1's a good guess and PAAS reported 8/8 so 11/8's the guess there. I couldn't find SSRI or CDE reports at all. |
