A thousand opinions appear daily regarding business and the US economy, all in an attempt to forecast the forthcoming action of the market. There is only one study of the stock market that is worthwhile, and that is the study of the price action itself. As I write, the primary and secondary price trends are bullish. I’m now watching the Transports to see if they can rise above their previous record high of 8468. If they do, it appears to me that the Industrials will not confirm a new high in the Transports. If we do get a new high (unconfirmed) in the Transports, the stock market will be on the edge of a dangerous cliff. Until Transports test or close above 8468 we’re in a waiting game.
As far as precious metals are concerned, I believe gold has carved out a strong bullish base. The next target for Gold is ... Log in or subscribe to continue reading.