Yeah,
I'm looking for a financial crisis of some sorts to surface soon.
Like LTCM, but bigger.
Gold
It is acting up today.
Up $10 in the night session, then down (!) $3 an hour ago, then up again, now flat.
If the future closes (at 1:30 pm) under 382.5 that's a long legged doji candle after a ST extreme overbought condition, implying a reversal down.
OTOH a close over 384.2 will imply continued strength in a blow off stage.
Gold stocks
Some PM charts look good to me. Although they lagged the yellow significantly lately- GG, NEM, CDE look good. Others not sure, could go both ways.
NASDAQ
The SOX looks good ST - 3 dojis in a row and a nice white candle today (if it holds) should make at least a ST reversal.
Anyway this bear leg is not led by the Naz, it only drags along. I dare say there is now better value in the NDX then in the S&P: MSFT, INTC, CSCO and CHKP are all producers of huge positive cash flow from operations, and have nice cash reserves with little debt. There are not many big NYSE companies you can add to this category.
ATG |
