Fundamentally Europe is still in serious trouble but in no real worse shape than most other developed economies, but for the moment Europe remains in the spotlight.
The big talk these days is of the debt ceiling in the US having to be raised. The US is lucky they can do this unlike other countries such as Spain, Portugal, Greece, Ireland and others who need to be bailed out or pass huge austerity measures.
It was another absolutely fantastic week. Our miners have bottomed from the recent correction which some didn’t even participate in, our dividend stocks are strong as always and near the tops of they’re ranges and our swing trading portfolio has been doing smashingly well the past two weeks.
It was an absolutely amazing week for leading stocks that we swing trade. The end of the first half of 2011 ended with a huge bang. Now we’ll see this coming week if this breakout is for real.
It was another wild week with no real direction in markets and precious metals are breaking down. The S&P 500 index is trying to move higher here as it moved nicely off support at its 200 day moving average but the trading that day was a wild and volatile and in my opinion a bit suspect as to who the buyers were. It had the look and feel of the presidents working group, or the plunge protection team as it’s known.
Lately there have been calls for the US to sell some or all of their gold in order to help reduce the debt and budget deficits.
As for where I think gold and silver are going in the short-term gold should make a run to $1,500 now before we see much of a setback. As for silver I think we are seeing a little overshoot of the $40 level here to lure in some more speculators before we see a correction below the round number resistance of $40. You’ll likely get a chance to get more metal closer to the $38 area.
It was a strong week for the precious metals especially Silver. We had a few large players in the world talk about Gold and the coming further weakness of the US Dollar and it’s lessening role throughout the world.
Markets were weak this past week and not just for a day or two. Us markets have violated key levels, but are bouncing for now.
In response to two articles recently by much greater and high profile minds than mine I thought I’d put a little pice out showing how technical analysis does work in the Gold market.