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Richard's Remarks


I continue to be fascinated by this huge head-and-shoulders bottom pattern in the "Gold Bugs" index. The formation certainly looks like accumulation, and if it is, then in due time the formation will break out topside.




At last the percentage of NYSE stocks that are trading above their 50-day moving averages has moved above the halfway mark, which, of course, is bullish. The latest reading is 59.52% and this should give upside impetus to the Dow.





More good technical news. Below we see the advance-decline line for the NYSE. It's not at a new high, but it is moving up rapidly, and the rise is confirmed by both RSI and MACD.





Below we see the DIAs, which I elected to get out of when they fell below 154. They have since rebounded. The question -- should we have just stayed with them? They closed yesterday at 153.15, not far below my 154 sell signal.


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