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Investors personal view on individual stocks, oil, gold, silver, and dollar markets.
  • 8/14/12 Market Big Picture Update  1 comment
    Aug 14, 2012 11:33 PM | about stocks: SPY, USO, GLD, SLV, UUP

    S&P 500 Index

    Current: 1,403.93
    Today's Change: -0.18
    Today's % Change: -0.01%

    The S&P 500 closed basically flat today at 1,404 reaching a high of 1,410 (above yesterday's high and resistance level of 1,406) with 1,401 the low (above yesterday's low of 1,397 and above 1,386 support level). The index remains in an uptrend (since 8/3/12 market close) and overbought for six straight trading days. Also, while it may be difficult to imagine with little price action the underlying technicals I follow strengthened today after weakening the prior two sessions. The S&P 500 remains range bound between the 1,386 support and 1,406 resistance levels.

    Oil Market

    Symbol: USO

    Current: $34.92
    Today's Change: +0.26
    Today's % Change: +0.75%

    The United States Oil Fund ETF (Symbol: USO) closed higher today to $34.92 trading as high as $35.09 (above yesterday's high of $35) and as low as $34.72 (above yesterday's low of $34.38). USO is in a downtrend (since 8/10/12 market close) and is in overbought territory for the last five trading sessions. The support and resistance levels are the same at $34.64 and $34.93, respectively.

    (click to enlarge)

    Gold Market

    Symbol: GLD

    Current: $155.13
    Today's Change: -0.86
    Today's % Change: -0.55%

    The SPDR Gold ETF (Symbol: GLD) closed lower today to $155.13 trading as high as $155.58 (below yesterday's high of $157.45) and as low as $154.83 (below yesterday's low of $155.90). GLD is in a downtrend (since 8/13/12 market close) and neutral from an overbought/oversold perspective. The support level decreased from $155.35 to $155.09 (50-day moving average) while the resistance level decreased from $157.18 to $155.39 (21-day moving average).

    (click to enlarge)

    Silver Market

    Symbol: SLV

    Current: $26.96
    Today's Change: +0.04
    Today's % Change: +0.15%

    The iShares Silver ETF (Symbol: SLV) closed slightly higher today to $26.96 trading as high as $27 (below yesterday's high of $27.22) and as low as $26.87 (below yesterday's low of $26.90). SLV is in a downtrend (since 8/10/12 market close) and neutral from an overbought/oversold perspective. Support moved higher from $26.77 to $26.92 (50-day moving average) and resistance increased from $26.93 to $26.96 (today's closing price).

    (click to enlarge)

    Dollar Market

    Symbol: UUP

    Current: $22.66
    Today's Change: +0.01
    Today's % Change: +0.04%

    The PowerShares Double US Dollar Index Bullish Fund ETF (Symbol: UUP) closed slightly higher today to $22.66 trading as high as $22.69 (above yesterday's high of $22.67) and as low as $22.64 (above yesterday's low of $22.59). UUP is in a downtrend (since 8/13/12 market close) and neutral from an overbought/oversold perspective. Support and resistance are the same at $22.60 and $22.71, respectively.

    (click to enlarge)

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: SPY, USO, GLD, SLV, UUP
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  • Vinit Bolinjkar
    , contributor
    Comments (3) | Send Message
     
    Silver $31 is a crucial level once it trades three days above this then the stock is on its way to rock and roll. IMO the underperformance of silver to gold since 1980 will be played out over the next few years as silver plays catch up. (remember gold has more than doubled from its 1980s high of 800 while silver barely achieved its 1980s high of $50.

     

    This time out silver because of its compelling fundamentals of frenzied demand, vanishing underground resources and virtually non existent overhead supplies makes for a perfect storm in a tea cup.

     

    The first clue to the storm shaping up is the drop in silver mining in the US by 14% for the H1fy2012. The Latin Americas (43% of global production) are hell bent on nationalisation and the frequent flash strikes in their mining belts can lead to acute silver shortages which can cause spikes in the silver prices.

     

    Further the current mining troubles in South Africa means reduced production and shortages of gold and platinum. This effect will also rub on the silver prices and the 9% rise in silver against the 4% in gold is already talking through its outperformance.
    IMHO silver is the best investment of this decade.

     

    http://seekingalpha.co...
    23 Aug 2012, 04:33 PM Reply Like
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