July 6 Wednesday 6 :00 AM Pacific Time
As predicted, DJI, SPX and SPY made new lows below last Friday's lows . Decline will continue. Russell 2000 and NASDAQ did not make new lows but may make new lows today or tomorrow. After that we may have short term rally followed by new lows again. European markets show clearly how it happens. European markets are approximately 45 days ahead of US markets.
Gold and Silver are ready to move higher after being down in five steps.
Nikkei also gave a SELL signal in the last two days. FTSE, DAX, CAC and Italian markets continue to make new lows. Italy has had two quarters of negative growth thus going into recession a second time. Deflation has raised its ugly head throughout Europe. This is not a good indicator for any growth in the second half for US markets. We cannot remain immune to what is happening around the world. Governments around the world have been feeding manipulated data to the public hoping it will result in growth. It does not work. US dollar is strengthening to new highs and it does not help our exports.People who believe in fundamentals only will be disappointed. Earnings were good in the second Quarter but it is meaningless if Technicals start weakening. It is like looking at the rear view mirror.We have ben warning about this since early July when most of the analysts were bullish.( For more details see our book)
DJI
SPY
NASDAQ
DJT
IWM
TNA
TZA
GLD
GDX
NUGT Ready to go up
DUST Ready to Go down to New lows
Japanese NIKKEI 225
British FTSE 100
German DAX Hit 10% correction So Far
Italian FTSE MIB
INDIAN BSE SENSEX Ready to give SELL signal
As predicted, DJI, SPX and SPY made new lows below last Friday's lows . Decline will continue. Russell 2000 and NASDAQ did not make new lows but may make new lows today or tomorrow. After that we may have short term rally followed by new lows again. European markets show clearly how it happens. European markets are approximately 45 days ahead of US markets.
Gold and Silver are ready to move higher after being down in five steps.
Nikkei also gave a SELL signal in the last two days. FTSE, DAX, CAC and Italian markets continue to make new lows. Italy has had two quarters of negative growth thus going into recession a second time. Deflation has raised its ugly head throughout Europe. This is not a good indicator for any growth in the second half for US markets. We cannot remain immune to what is happening around the world. Governments around the world have been feeding manipulated data to the public hoping it will result in growth. It does not work. US dollar is strengthening to new highs and it does not help our exports.People who believe in fundamentals only will be disappointed. Earnings were good in the second Quarter but it is meaningless if Technicals start weakening. It is like looking at the rear view mirror.We have ben warning about this since early July when most of the analysts were bullish.( For more details see our book)
DJI
DJT
IWM
TZA
GLD
GDX
DUST Ready to Go down to New lows
Japanese NIKKEI 225
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