For the last three sessions on Wall Street, the S&P has gapped down on the open and then spent the rest of the session rallying to fill the gap but the difference today is it still finished lower at the close. S&P looks like it wants to come off here. However, I do still favour the option of the S&P “stuffing around” for a bit – perhaps trading between a range of 2520 and 2620 – maybe for weeks but then I still think it is headed considerably lower but we can worry about that later.
Didn’t see much in the way of highlights in overnight trading except one – steaming coal. I have mentioned a few times that this market is hanging in there barely by a thread and the slight weakness in the latest session takes it below the crucial little support line I have. Please take note of this because if it continues to weaken there are significant ramifications for Australia. Don’t forget that the price here has already fallen from around 119 to the close last night of the January contract at 97.35 so prices are already well off earlier highs.
Another new all-time high in Brazil.
XJO had a very quiet session yesterday finishing just a fraction easier. As mentioned above on the S&P, I sort of favour a trading range and with the XJO I can see it trading between a range of 5600 and 5800 while the markets make up their mind on the next major wave.
Gold a little bit better. Could it be forming a nice little bullish flag here??? Even though our gold index, XGD, hasn’t come off very much, the gold stocks themselves are consolidating beautifully. Patience. Also noticed yesterday that the tin price has been trending nicely higher.
Quite a few of the little miners got very overbought very quickly as they broke out of the nice little base patterns I have been writing about. Need to see some of them correct before they can go on.
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