Gain Control !! - Friday, page-3

Dow Jones Industrial Average above 17,000 and its the 4th July, Independence Day. There’s plenty of celebrating to be done in the U.S. This weekend. Have a good one all you Yankees.

SP500 +0.55%, Dow Industrials +0.54%, Nasdaq 100 0.61%, Russell 2000 0.72%, Transport +0.75%.



The Europeans were up very strongly last night. German DAX +1.19%. French CAC +1.02%.

Here’s the detailed chart for the SP500:



This is setting up for a pull-back. Negative divergence setting up on the MACD. Very high readings on RSI <78, and CCI <180. Negative divergence setting up on Money Flow. I can't see much more upside with Indicator structure like that. But – this is a bull market – so any pull-back is likely to be limited. (Yes - the Great Bull has brainwashed me - so I had to say that.)

Commodities:



CRB Index down -0.13%. Industrial Metals +0.47%. Copper was one of the better performing IMs up +0.78%. Zinc and Lead were both down. Precious Metals -0.76%, but showed some intra-day buying. US$ Gold -0.42%. GLD saw some intra-day buying - so not so bad.

Ozzie Stocks in NY:

BHP +1.28%. BHP has had a good run and getting near the top of its range. This run-up from low to high has measured +8.77%. It’s virtually impossible to buy right at the bottom and sell right at the top. But that’s a good short term profit for anybody who got in early. There could be more in it. The past two run-ups were <13%.

Rio +1.38%. Like BHP it is now at the top of its trading range. But, there's no sign yet of this failing – so there could be more to go.

Wetpac +0.59%. It poked above both the 50-Day and 100-Day MA, but remains in its trading range.

ANZ +0.51%. Strong indtra-day buying. It looks like it's about to break upwards from a bull flag.

EWA +0.15%.

All of those figures have to be put in the context of a fall in the Ozzie Dollar of -1.01%. So the stock rises were essentially very strong.

Redbacka