you don't want to miss tomorrow

"You Dont Want To Miss Tomorrow (USA time)

Sep 02, 2010

Stocks continued to rally today, although its clear that investors were hesitant as they wait for tomorrows jobs report. I mentioned a few days ago that the stock market is getting in a precarious position, it must rebound starting right then or else this could get out of hand. All the major indices were teetering on the edge, since then the Dow is up about 3%. Now, the question is was all this just a technical bounce, or is this a new uptrend? Considering that the major indices are all still under their respective 200 day moving averages I dont think we can call this a new uptrend. Not until the indexes get back above those levels.

Gold put in a decent performance, closing higher by $7 to $1,251. New highs are within reach, the question is can gold hit them considering it really hasnt taken a breather in over a month. It doesnt matter though as the long-term bull market is still in place and the precious metal will be hitting all new highs soon enough.



The ^HUI closed almost 7 points higher for the day to 488. If you notice on the chart the previous 3 attempts to take out 520 ended with a big spike followed by an immediate sell-off. This time though the ^HUI hasnt sold off, it has managed to hold its ground. Not only that, 488 is a new closing high in this latest rally. The stage is set for tomorrow.



The countdown continues and there is just 1 day left. Everything is perfectly setup for a monster move higher tomorrow. Will it happen? The ^HUI has managed to close at a new current rally high of 488, which is a perfect launching pad. The index is no stranger to big moves, you can see that 30 point rally days have occurred, the most recent one being back in May.

The jobs report will set the stage, gold wont move until the report is released. Tomorrow could be a big day for the markets, a lot of possibilities come into play and you dont want to miss the action. Can a strong jobs number save the market or will it just be more of the same with weak hiring and a still high unemployment rate? Will an extremely weak number cause the market to rally since it could mean Bernanke will have even more incentive to start up the printing presses?"

http://goldstocksdaily.com/2010/09/02/you-dont-want-to-miss-tomorrow/