For those that follow my posts -- sorry, I was away for a bit and am back.
Boy, have the markets changed! Here is where we stand:
S&P and Dow -- Sell signals on Daily charts, no Sell signal on Weekly chart.
Nasdaq -- came perilously close to a Sell signal on Monday, June 22, 2009 Daily chart but saved at the end of day. So no Sell signal on either Daily or Weekly chart.
Gold -- Sell signal on Daily chart; no Sell signal on Weekly chart.
US$ -- A week Buy signal confirmed today on the US$ chart. Still a Sell on the weekly chart.
What does this all mean?
The markets are in a somewhat uncertain state. If we get a couple of days of intense sell-offs we will most certainly have a Sell on weekly charts as well which will mean the end of this bull rally. However, the markets are holding their ground the past couple of days. The S&P managed to close above the psychologically important 900 number today. That is good. If we close this week with a reasonably decent increment from current levels then we all can breath a sigh of relief. If Gold can break through $940 and close up beyond 940 we will be in good shape with our Gold stocks.