Available Mon- Friday after 6:00 P.M. Eastern, 3:00 Pacific.
DOW – 37 on 600 net declines
NASDAQ COMP – 9 on 300 net advances
SHORT TERM TREND Bearish
INTERMEDIATE TERM TREND Bullish
STOCKS: The market was down sharply in the early going, but the low was reached after a couple of hours and it started to make its way back
Part of the problem on Thursday was the fact that the Shanghai market dropped 6 /2%. Also, the Greek situation declined again after hope was expressed yesterday. The latter gets so tiresome.
Tomorrow could be somewhat choppy. Several indices are due for reconfiguring.
GOLD: Gold was higher by $2. Probably because the dollar had a slight pullback.
CHART: The 5 day m.a. of the CBOE put call ratio is back over 1.0. At that level, we tend to rally in the near term.
BOTTOM LINE: (Trading)
Our intermediate term system is on a buy from Feb. 20, 2015.
System 7 We are in cash. Stay there.
System 8 We are in cash. Stay there.
GOLD We are in cash. Stay there.
News and fundamentals: Jobless claims came in at 282,000, more than the expected 270,000. Pending home sales rose 3.4%, better than the consensus rise of 0.8%. On Friday we get Q1 GDP which is expected to be negative plus Chicago PMI and consumer sentiment.
Interesting Stuff Greece. The gift that keeps on giving. Things are getting better. No, they’re getting worse. It depends on which day it is. Why traders buy or sell based on this is unknown.
TORONTO EXCHANGE: Toronto dropped 3.
S&P/TSX VENTURE COMP: The TSX was up 2.
BONDS: Bonds pulled back slightly.
THE REST: The dollar pulled back somewhat. Silver and crude oil had a mild rebound.
We’re on a buy for bonds as of May 15.
We’re on a buy for the dollar and a sell for the euro as of May 19.
We’re on a sell for gold as of May 19.
We’re on a sell for silver as of May 19.
We’re on a sell for crude oil as of May 19.
