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For Monday, we have several opportunities.
Friday was a crazy day in the market as it dropped significantly at the open but fought its way back up by the end of the day. It created some interesting charts and candles along the way. Overall we had a modest gain for the week and has a few new transactions.
Just as you would expect, the market bounced. Shocking !! This is a strong market…..BUT…….there are still signs of weakness. Friday is jobs day and based on ADP we expect a weaker number than last month. Next week starts earnings season. Expectations are getting higher and other factors in the world will affect it. The “Summer Swoon” has a chance to repeat….but…we are still bullish….but…..teetering…
There are a couple of indicators that we like to watch that give us indications of the market direction. Two of those indicators turned bearish today and another is flirting with it.
All you Gold hawks better start looking for protection. The signs have been there for weeks and it took a turn for the worst today. The old Molly Hatchet song “Flirtin with disaster” comes to mind as you look at the GLD chart……..
In case you haven’t noticed, the market is going bananas. It just hits every obstacle and marches forward. When will this end ? Can we time this ?
Oil (USO) has broken above resistance and triggered a buy signal during the week. The ETF is charging forward with a super strong MAT index of 83.01.
Gold is just can’t hang with dollar right now as it is meandering through time without a purpose or direction. The MAT index dropped below 50 to 42.27, a bearish indicator and the ETF is clearly affected by resistance.
The US dollar (UUP) moved up and tested resistance levels last week as it continues to be very strong. The MAT index had a big jump this week moving to 72.03 which a bullish level. More from > US Dollar (UUP) tests resistance
The portfolio had a great week, up 5,922 for the week. Our cumulative hit rate is 57% with a 3:1 profit to loss ratio. See inside ! More from > Portfolio has a good week