A Few Thoughts on Monday’s Market: In looking at the charts from Friday’s market I noticed a couple of items of interest. The 1st being that the majority of the various sector indices I track appear to continue to be moving lower. The Amex Gold/Silver Index ‘XAU’, the S&P Chemicals Index ‘CEX’ and the Amex Oil & Gas Index ‘XOI’ (which touched its 200 day moving average on Friday) all appear to be in the process of breaking support and heading lower. The banking indices, the S&P Banking Index ‘BIX’ and the KBW Banking Index ‘BKW’ both sold off sharply on Friday. The ‘BIX’ broke below an upward sloping trendline that had provided support and looks to be starting a new downturn. While the ‘BKW’ is right on the its upward sloping trendline. Another down day in the banking stocks and we could see some real the start of an intermediate downtrend in these stocks. As far as the overall market goes, I am expecting a lackluster, with a slight downward bias, pair of trading days prior to Tuesday night’s Presidential debate.
Tag Archive for Philly Gold/Silver Index
Market Commentary – September 6th, 2011
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A Few Thoughts Before the Open: As we prepare to start this Tuesday following the Labor Day holiday we find that world stock markets were under pressure Monday while we in the U.S. had the day off. Both Asian and…
Market Commentary – September 2nd, 2011
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A Few Thoughts Before the Open: The employment numbers released this morning were horrible. As a result we are looking at a sell off on the open. I’ve updated my support and resistance levels on some of the indices I…
Market Commentary – August 5th, 2011
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A Few Thoughts Before the Open: With yesterday’s brutal move lower in the markets I am going to sit this morning out from a trading perspective; not because I am afraid of the market moving lower, but because I am…