Let's turn to the markets. The first item I want to talk about is gold. Below we see gold plunging below its declining trendline. But at the bottom of the chart, it looks as though gold could be forming a base. Let's give it a chance, and some time.
Some of the big hedge fund managers took early, large positions in gold and gold ETFs. They got whacked by the latest smash in gold, and I presume that only the most fervent of the true believers are still in gold. The first sign of a real recovery in gold would be its hitting the 1500 level. And that's going to take some "doing."
With it all, the stock market is looking all right as we can see via the chart below. As of yesterday's close, 72% of the issues on the NYSE are trading above their 50-day moving averages. The horizontal blue line ... Log in or subscribe to continue reading.
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