U.S. Stock Market -If I said it once I said it a thousand times, until the last line of defense was broken (two consecutive closes below 1,040 on the S & P 500) to the downside, I would continue to give the “Don’t Worry, Be Happy” crowd the benefit of the doubt that they could still stretch this bear market rally into late summer.
On June 1st, I posted the above chart and said that we could still see a right shoulder formation that would give us a bearish head and shoulders formation that could coincide with the cyclical top I’ve been forecasting for June/July 2010 since this time last year. A rally back to 10,800 – 11,000 would actually be a good thing if you’re like me and haven’t taken your bear suit off the hanger and slipped it over your self again.
The U.S. stock market guidelines I gave in my June 11th update remain.
Gold – The “Mother” of all secular bull markets continues. Remember you all owe a buck for the “Tokyo Rose Relief Fund” when we hit $1,300
Via Dennis Gartman: IS GOLD REALLY A SEASONAL TRADE: We ran across this “seasonal” chart of gold yesterday, and if it can be believed…and we see no reason why it shouldn’t be… then gold is making a seasonal low here in mid‐June. For a Trial Subscription go to The Gartman Letter
Weekly Chart of Gold via Money Talks
Back to Peter Grandich:
Note of Interest – A 50 million+ share offering of NSU comes free trading today (was done at $2.25 Cdn). It will be interesting to see it trade given that vague takeover rumors persist.
Daily Chart of NSU.TO via Money Talks
Peter Grandich’s Things HERE
- The most bullish pattern continues – Two steps up, one step back
- Canada has moved so far left that if it went any further left, it would end up right
- Is this any way to treat heroes?
- Double standard
- My favorite currency – From Russia with love
- The next crisis
- A big drag
- Another stimulus attempt failure
- Iran gives the world the finger – again
On Major Moves, Peter Grandich has been very right and not only saved many investors fortunes, but expanded them dramatically. On November 3, 2007 at the MoneyTalks Survival Conference, Peter Grandich of the Grandich Letter warned that “an unprecedented economic tsunami will hit American beginning in 2008”. Peter advised publicly to short the US market two days from the top in October, 2007 and stayed short until the last week of October, 2008. He began to buy stocks in March 7th, 2009. He also bought oil and oil related investments near the lows after the dive from $147.
….go to visit Peter’s Website
To HERE Peter speak and others speak on Trading go HERE: 