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18/04/18
10:14
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Originally posted by paddington bear
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Another day – another direction on Wall Street. Today it was all higher. I mentioned yesterday that the S&P had a gap just above 2700. Has certainly filled that gap but left another one on the way up. Hard to make a specific call on the S&P when it reverses trend virtually every day but there is still the potential that it is forming an upslanting wedge which keeps me a bit cautious – possibly unnecessarily.
What really took my eye this morning was silver . Ok, it was only a small improvement, but it doesn’t need much to break topside here. But…the gold /silver ratio is really nudging the trendline now. Also, gold was only up .13, silver was up .72 but my good friend palladium was up 1.11. (All taken from the cash market) These figures may not mean much on their own, but when you see the picture they are painting, they become very relevant. This doesn’t mean that gold can’t come off again, but if we can continue to build on what we have, I have to remain quite positive. I do admit it is pretty nerve wracking.
But on the other side of the coin, what worried me today was Shanghai.…. still. Went back and tested its February low yesterday. This is dangerous territory for this index. If Shanghai continues to remain weak, it puts a cloud over other world markets.
With the better news from Wall Street this morning, can the XJO finally break out of all these boundaries it has set itself over the past couple of months. We have three lines coming through today between roughly 5865 and 5875. Will be watching it all with interest.
I wondered aloud a couple of weeks ago what the hell was wrong with AMP. Price had been collapsing. I think after hearing the news from the Royal Commission yesterday, there is little wonder why the stock has been so weak. It tends to remind one of the “Greed is Good” culture.
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Interesting take, somewhat aligned with yours PB
https://pbs.twimg.com/media/Da9qegBW0AISy-X.jpg:large
Commentary that went with it
Brannigan Barrett @Trader_Bran 18h18 hours ago
The chart that speaks volumes for itself about current risk sentiment. The $ es_f and # Shanghai index show true effect of current earnings season. Once Q1 results out of the way. Sell US indices and never look back. Until then accept the divergences