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fib_1618

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...and like the general market, we might be beginning stages of constructing enough of a platform to where a new advancing sequence will get its support.

The hurricane shortened week provided a technical opportunity for the markets to either bounce off, or snapback to, the various trend lines shown on the charts in what continues to be corrective activity overall. Even the BETS indicator had a nice bounce to the +20 level after nearly touching the zero line last week.

This week the interest rate sensitive data continued to show great buoyancy with the NYSE Preferred Stock advance/decline line closing at new all time highs on Friday, while the NYSE REIT advance/decline line continues to support bullish "trend divergence" at this time. With the NYSE Bond CEF advance/decline line continuing to see higher highs as well, there's a very good chance that we'll see a break of the support line seen on the 10 year note yield in the not to distant future, with a challenge of the August lows as the initial technical target...all part of the larger trading range that began in late May.

Although the cash price of precious metals took a large hit on Friday, the XAU advance/decline line continues to show bullish divergence with its basket of stocks, no less, the Precious Metals BPI Index moved slightly higher during Friday's collapse. Given these non confirmations, the forecast for this asset class continues to support a market that is attempting to find a platform from where an advancing price structure can begin. All it needs now is for the Precious Metals advance/decline line to agree with the program and we could have another good entry point to move back into this area of investment.

Finally, the internationals continue to remain firm in spite of all the talk of "fiscal cliffs" with the FTSE advance/decline line back to challenging its all time highs, while the DAX advance/decline line bounced off its previous low levels of both September and October, and the Aussie advance/decline line currently testing its trend line support. With our being on the doorstep in what promises to be a razor thin outcome in next Tuesday's national elections, we'll watch to see how these three markets fare in case no winner for President is immediately known, as to what we can generally expect for the rest of November.

Have a great week of trading!


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