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The holiday shortened week provided a choppy period with a bearish bias in the US equity markets to finish out 2011, so nothing really new to report as we go into the new year.
One area that is worthy of our attention comes with the gold market where the Bullish Percent Index of precious metals stocks is now at "oversold" levels matching that of the 2008 lows, and where a textbook 5 wave Elliott structure is seen from the November highs is now minimally complete. With the PM and XAU advance/decline lines now up against their declining tops lines shown in orange, any near term strength should be a good bullish entry point with a tight stop. In other areas, the DAX and FTSE advance/decline lines did move above their declining tops lines AND they are both leading price to the upside. With the US market internals at an important crossroads (see this weeks cumulative charts), any near term strength should also provide a good long entry point with a tight stop with equities in general. Have a happy, healthy and prosperous new year! 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