Registered: 1101777014 Posts: 4,646
Reply with quote #1
This past week provided a much needed pause in the uptrend that began on October 4th with many breadth and price patterns fulfilling simple snapbacks and/or technical retests of their current pattern structures.
Aside from the NYSE Bond CEF and Preferred advance/decline lines both closing again at all time high levels on Friday, the bigger news this week comes with the precious metals arena where the XAU advance/decline line was able to push to 14 year , while the broader based highs PM advance/decline line is on the verge of breaking out to new 3 year recovery highs! With the worldwide monetary background continuing to be highly accommodative with both Australia and Europe reducing rates this past week, along with current sentiment for gold and silver showing very little interest, this is one sector that might be worth a look/see as to its short term upside potential. Another area of short term interest comes with the commodities market, especially in the oil sector, where we're very likely to see the beginning of a sharp advance as the 4 month echo of gold's advance from the $1500 level to the $1900 level is about to be felt. Overall, steady as she goes as we look for new yearly price highs in equities, in general, over the next several weeks. US Equity Markets : US Interest Rates : US Real Estate : Precious Metals: Australia: England: Germany: __________________ Dave's LinkedIn Profile Technical Watch Twitter Page Technical Watch Facebook Page "As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan "An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan "What we see depends mainly on what we look for" - John Lubbock "The eye sees only what the mind is ready to comprehend" - Henri Bergson “Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977 "You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977