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Market Update PDF Print E-mail
Written by Steve Meyers   
Wednesday, 14 May 2014 22:41

Stocks did post a negative day led by the very weak and overvalued Russell 2000. The big cap stocks will have to follow through into Friday to get a weekly reversal. The Russell 2000 is tremendously overvalued and we are short from 1130 and holding.

Gold and silver did kick in to rally mode as we predicted yesterday. If we can get some follow through now, the rally could kick into a higher gear. I am looking for higher prices for a few months. We are long gold from 1305-1280 and long silver from 19.51.

 
Market Update PDF Print E-mail
Written by Steve Meyers   
Tuesday, 13 May 2014 20:34

I am looking for a reversal in the big cap stocks for the sign to say this leg is over and a big correction is coming. I will pay very close attention over the next day or 2. All the indices held up well except the Russell 2000. It is the index we are short and the weakest by far. The rest of the week should be telling. We are short the Russell 2000 from 1130+.

Gold and silver consolidated today and silver is feeling stronger which lends credibility to the move. I am looking for higher prices and I think we should see the uptrend resume tomorrow. We are (patiently) long gold from 1305-1280 and long silver from 19.51 keeping sell stops below the most recent lows on a closing basis only.

 
Market Showing More Signs of Topping PDF Print E-mail
Written by Steve Meyers   
Tuesday, 13 May 2014 17:52
We still have more than 2 hours to go in the Tuesday trading session, but this is not what you want to see if you are bullish. The S&P hit new all time high ground but is not showing signs of a breakout thrust. Thus, this can be considered an ending leg. We may grind for the rest of the day. If we can spike a little higher tomorrow, then it may give the perfect reversal. The Russell 2000 led the way up yesterday but has already been met with selling pressure. I believe the top is near.
 
Market Update 5/12/14 PDF Print E-mail
Written by Steve Meyers   
Monday, 12 May 2014 22:44

We didn't have to wait long for the market to decide that it was going to try the upside. The Russell 2000 played a little catch up which brought us right back up to our sell point. I will continue to sell up to 1145. The S&P and the Dow both posted new closing highs. I think the market could rally into the 15th but very limited from here. Then the sell off that will get everybody's attention will take place.

Gold and silver slammed down in early trading last night and had a sharp reversal to the upside. The secondary low is in and we should rally now for the next few months. We are long gold from 1305-1280 and long silver from 19.51.

 
Market Update PDF Print E-mail
Written by Steve Meyers   
Saturday, 10 May 2014 13:35

Stocks continue to trade in their recent ranges. Small cap stocks have been able to bounce off the lows...so far. The Dow is the strongest and has eeked out new closing highs while the S&P is starting to slowly roll over. The coming week should be a decisive one. I'm not sure if we will attempt the upside early in the week but, if we do, I would look for big caps to reverse while the Russell 2000 takes out the most recent low. This should be enough to kick off a scary selloff. Markets appear to be in trouble all over the world.

Gold and silver drifted once again. I look for the recent lows to hold and the metals to make a stand and begin to rally this week.

The Euro has topped and I think trouble is coming. We attempted to sell but the market did not bounce. Sell the Euro on a bounce to 1.3792 and risk a close above 1.4000.

 
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