Yesterday DJI, SPY and NASDAQ all went down yet it appeared that SPY and NASDAQ want to go to new highs before a real decline starts. They are oversold in a minor way.
On the other hand rally in SPY and NASDAQ may not make new highs and once these indices and DJI move below the July lows we will have a much more serious decline.
The various indices have been going down in turn.DJT made a high on NOV 28, 2014, Dow Jones Utilities Average peaked on Jan 28. DJI made a high on May 19 while SPY made a high on May 20. So we are not expecting a significant rally from here.
Gold and Silver are showing a very small bullish sentiment and thart is why we expect a rally in Gold mining stocks.
Oil Continues in a bearish environment and our ERY keeps on making new highs, Till we get a buy signal, we will continue to be bearish in oil.
No buy signal in Chinese market yet ( the Govt cannot solve this problem)and Greece market after opening yesterday has dropped almost 30%. It is down 89% from its highs only a few years ago.The agreement between Greece and Euro zone will eventually fail and that will cause major decline in Eurozone markets.
On the other hand rally in SPY and NASDAQ may not make new highs and once these indices and DJI move below the July lows we will have a much more serious decline.
The various indices have been going down in turn.DJT made a high on NOV 28, 2014, Dow Jones Utilities Average peaked on Jan 28. DJI made a high on May 19 while SPY made a high on May 20. So we are not expecting a significant rally from here.
Gold and Silver are showing a very small bullish sentiment and thart is why we expect a rally in Gold mining stocks.
Oil Continues in a bearish environment and our ERY keeps on making new highs, Till we get a buy signal, we will continue to be bearish in oil.
No buy signal in Chinese market yet ( the Govt cannot solve this problem)and Greece market after opening yesterday has dropped almost 30%. It is down 89% from its highs only a few years ago.The agreement between Greece and Euro zone will eventually fail and that will cause major decline in Eurozone markets.
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