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Submitted by Steve Meyers
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The stock market is extremely resislient as institutions place huge bets on QE3. I also think QE3 will come but just not yet. I think the market will be disappointed after the Fed releases its statement on Wednesday the 25th. We will then go on a correction in my opinion.
Treasuries are a short long term. If stocks correct here then it is possible that we make another run up but again, a lower high. I see much lower prices ahead as the printers are preparing to go hyperspace.
The euro did hit a near term bottom and bounced. I think we should see a high within a couple more trading sessions and start consolidating at these lower levels.
Gold and silver are also due for a little consolidation before ultimately heading higher. |
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Submitted by Steve Meyers
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I am going to sell 1/2 position in the SPX at the close today and wait to see what the action is from here into the 17th. The market is showing signs of running out of gas.
I am going to sell 1/2 position in the March bonds @ 146-00.
Euro is in a death roll.
Gold and silver are accumulations in the physical between now and end of Feb. BUY and HOLD. |
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Submitted by Steve Meyers
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This was the day we had chosen for the potential turn point in the stock market. We gapped up strongly this morning and faded. The market has lost big gap ups in the past week which is a sign of exhaustion. I am selling the other 1/2 position@ 1292.36 in the SPX.
I still want to sell 1/2 postion in the 30 yr. @ 146-00.
The euro is appearing to have hit a short term low. We are due for a bounce. No correlation with the market at this time.
Gold and silver may consolidate with equities expected to go dow. Buy and hold physical between now and end of Feb. |
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Submitted by Steve Meyers
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SPX is getting closer to our 1300 red alert area. This rally is getting old in the tooth and we are in a time frame that can usher in a reversal at any time. Next week would be the perfect turn but perfection can be allusive in these markets so pay attention here. I am going to short 1/2 position at 1300 and will wait patiently for the other half. Bonds have hit an important top but it is possible that we make 1 more rally attempt and test the high. The Euro is dead man walking and we will see if a plunge is in the cards sometime soon. The dollar will be up next after the euro. Gold and silver are accumulations between now and end of Feb. BUY and HOLD physical metals. |
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