For Immediate Release
Chicago, IL – October 8 – Zacks highlights commentary from People and Picks Trader “inthemoneystocks”.
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Gold May Have Topped Short Term
The markets opened higher today, only to reverse to the negative side. The reason for the gap up? The U.S. Dollar again fell sharply pre market, propping the markets up. The PPowerShares DB US Dollar Index Bullish (UUP) hit a low pre-market of $22.32. By mid morning, the UUP had reversed to the positive side, trading as high as $22.47. This is a rare reversal and may dictate a swing in the short term to a stronger Dollar and weaker Euro. The CurrencyShares Euro Trust (FXE) hit a high today of $139.43 only to reverse and go negative, now trading at $138.80., -0.03.
Even with this crazy swing in the markets based off the Dollar, I expect the markets to remain flat in anticipation of the Unemployment Report and Non Farm Payrolls tomorrow morning. This is the market moving force Wall Street has been waiting for all week.
Gold is tumbling today, with the SPDR Gold Trust (ETF) (GLD) $130.32, -1.49 (-1.13%). Gold started sharply higher again today but this massive reversal may signal a short term top. The daily chart is extremely extended and a retrace to the 20 moving average on the daily chart is highly likely in the next week after today’s move. Oil also saw a gap higher today, reversal just like gold but to a lesser extent. The United States Oil Fund LP (ETF) (USO) is trading at $36.07, -0.21 (-0.58%) on the day. Take a look at the daily USO chart. You will see it jumped higher into the 200 moving average on the daily chart, a good indicator of a short term pull back as well.
Commodities and commodity stocks have soared in recent weeks. The signals today may spell a short term pull back.
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