Gold And Silver Doing What They're Supposed To - Nick Santiago #113
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Description
1. Stocks are gapping higher today after a 3-day sell off. This is typical after such a large decline in such a short period of time. There should be a...
show more2. Beware of the VIX. It’s remained in a range of $20-28 since May. It made a lower high during the recent sell-off. SPYDR’s have been trading on higher volume. Still more downside to come. Sucker’s rally, we’re still in an uptrend. We’ll still remain choppy. High hit 9-2 and yesterday we hit a low. A bit more to come.
3 The semiconductors (SMH) have been sold off pretty hard in this decline. This is one of the most important industry groups that every trader/investor should follow. Remember, semiconductors are in almost everything these days, so in my opinion they are extremely important to track on a daily basis. Right now, the semi's have broke below the 50-day moving average and that should put everyone in caution mode. First time it’s happened since April 21. There’s a lot of support around that average. The most important industry group we follow.
4. Gold and silver, gold futures up 11 points. Backing and filling. One more leg down? Very range bound and working off the overbought position. 2000 is resistance. 2089 is major resistance. Lower highs hitting, perhaps going as low as 1860. A little more consolidation and it’s off to the races. Shaking weak hands out, but they’re not getting shaken.
5. Nick takes a close look at the Platinum chart. A little bit more work and it will probably follow gold. Has major overhead right now. More consolidation.
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Author | Kerry Lutz |
Organization | Kerry Lutz |
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