DJI, SPY and Nasdaq made new highs yesterday. There may be one more Down Up sequence left in this market. Strictly speaking, DJI and SPY never went below the 15 day moving average convincingly so far. We will wait to get a strict SELL signal now. IWM may also go to previous highs before giving a SEL signal again. Every now and then you get whipsawed . This is one of those cases. We do not expect a big new rally even though some indices will make new highs. Insiders do sell near the highs so that they can take the markets lower later on. Volume has been weak and advance decline ratios are also not very strong.
DJI
DJI
SPY
IWM
TZA
GLD Gold ETF
GDX ( Gold Miners Index)
GDX ( 3 Years) Gold Miners ETF From this chart it appears that the 4th leg up may not have been completed yet .
GOLD DEMAND From Various Countries
You can see that gold demand from India & China is huge. They are really the elephants in the room while western countries are slowly losing Gold to China and India. Thus eventually Golfd will go above previous highs as the printing of FIAT currencies continues in the West(courtesy Chart froom Kitco.com---http://www.kitco.com/ind/Thomson/2013-11-12-Modi-Man-Gold-Tonnage.html)
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