Monday Sept. 23, 2013
US stock markets are digesting No taper rally of Sept 18, 2013. The rally was on heavy volume and many people had to cover their short positions. We do not have any SELL signal yet.The markets have been going down in step 4 of the 5th leg up. After this consolidation is over , we will have another step up. See the charts below
SPY
IWM
TNA
Even though there was a big decline in DJI , IWM & TNA did not decline much. The decline in DJI may have been due to removal of 3 bad stocks and addition of 3 strong stocks into DJI index. Many institutions had to remove these bad stocks from their portfolios on Friday. The effect of addition of new stronger stocks will start showing up starting today.
Gold and silver are being manipulated to go lower but soon we should have a rally . Any modest decline below the lows established last Wednesday and Tuesday will be a SELL signal.
GLD The major ETF for Gold is nowhere near the lows established below Wednesday lows. That gives us encouragement that a rally in Gold should happen soon.
GLD
GDX Gold Miners ETF
GDX now includes some foreign gold shares and removed some gold shares where the capitalization was too low. That is why it dropped sharply on Sept 20.
NUGT
SLV Silver ETF
USLV
US stock markets are digesting No taper rally of Sept 18, 2013. The rally was on heavy volume and many people had to cover their short positions. We do not have any SELL signal yet.The markets have been going down in step 4 of the 5th leg up. After this consolidation is over , we will have another step up. See the charts below
SPY
Gold and silver are being manipulated to go lower but soon we should have a rally . Any modest decline below the lows established last Wednesday and Tuesday will be a SELL signal.
GLD The major ETF for Gold is nowhere near the lows established below Wednesday lows. That gives us encouragement that a rally in Gold should happen soon.
GLD
NUGT
SLV Silver ETF
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