This is the last chance I am giving New York to break topside. I left a lot hanging on to the outcome with the NYA (remember it represents every stock listed on the New York Stock Exchange) but it does look to have saved the day with the rest of the market finding its feet and putting in a very good rally. Really interested how the IBB (Bio tech) put in such a good performance. Also the RUT. All except the banks that couldn’t make any headway. But the rest of the market looks as though it can do it without the banks. (I see in late trading that Apple has saved the day again)
There was considerable confusion yesterday as to what the coal price had done. A different price was quoted to me from a few sources. However, no one seemed to be sure whether it was thermal or coking, spot or futures. My source has not registered that decline so for the sake of my long term charts, I must continue to take the price from the one place. I’m not suggesting that I’m not worried about the coal price – it has had a couple of hits in the futures recently – particularly the distant months – that has made me a bit uneasy but I will wait to see if my source starts to register the decline that was evident in the alternative price being put forth yesterday. I have it a bit firmer overnight.
Crude rolled over but the metals withstood the selling and finished nicely better led by platinum. The range in gold was interesting – It looked a bit as though someone went fishing for stops but it just didn’t happen – instead the price bounced back. I think I might consider that another little plus if we are trying to build a base here. Remember I mentioned in my notes earlier, that the Commercials in gold have the smallest short position since January, 2016. These are the people that usually know more about the gold market than a Simple Little Chartist and if they have been covering their shorts, it is worth taking notice.
BHP carried the load in Australia yesterday (again) pushing through to four year highs. With the better picture from overseas, I am rather hoping that we will finally, convincingly, push through 6700. This should help sentiment right down to the bottom end of the market. So hello August!!
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