9:00AM EST Friday June 11th
U.S. Stock Market – I have said on several occasions you can’t count out the “Happy” people until at least two closes below 1,040 on the S & P 500. I previously noted that the first test would hold, be followed by a bounce, and then we would have to measure the retest and any bounce after that (we’re there now).
I believe the S & P 500 has now set us up for either a very good buy or sell signal. If the index can rally above its 200-Day MA and close above 1,110, I think we could see a summer rally that could set up a right shoulder to a significant Head and Shoulders top formation. And if we reverse here and get two closes below 1,040, the final nail in the coffin will have been hammered. Stay tuned
Gold -It seems like a day doesn’t go by without some article, report or email claiming the end of gold’s rise is over. I received no fewer than a couple dozen emails this morning about a Marketwatch article about gold no longer being a bargain and asking what do I think. Hello? How many times must I say gold is in the mother of all secular bull markets? How many times must I utter the investment world and many in the media hate gold and you’re always going to hear this?
I used this channel when gold was testing $1,185 to show you it has been in a nice uptrend since February and in it’s one step back part (and two steps up) it can test the low end of the channel. The nitwits who love to hate gold are the ones who each day try to find comments that agree with their bearish assessment of gold. Tokyo Rose has been doing that from hundreds of dollars lower. The burden of proof is on them, not us who have fully enjoyed this great secular bull market to its fullest. Just remember, when we hit $1,300 I’m expecting one dollar from everyone to go to Tokyo “Nitwit” Rose Relief Fund.
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: