The Golden Sunrise
The essential morning read for investors!
Golden Sunrise is the Golden Surveyor’s broad-based market and world view.
Written daily 4am-7am by markets information specialist GS John!
Today’s Golden Sunrise
Thursday, July 01, 2010
Hours of daily research consolidated for you
Bloodbath and Beyond
The S&P, along with everything else, got hammered yesterday. The chart I had posted a couple of days ago becomes very illustrative here as the lower channel line now becomes resistance.
Bloodbath Part II was the trading last hour yesterday.
In 10 days to 2 weeks, 401k and IRA statements will be reaching the homes of “investors” across the nationwide and the reaction will be interesting as they are received and reacted to right at the beginning of the Q2 earnings season. The neckline of the Head & Shoulders we have pointed out on earlier charts have been broken and following the interpretation guidelines projects a decline to around 860.
If the index does get there, it won’t be a straight decline but interspersed with rallies that benefit traders on the right side of market moves while the civilian bystanders bleed to death.
Tuesday’s market found all 197 IBD group negative. Yesterday, of 23 indexes, only gold was positive.
The S&P, according to the momentum indicator, appears to be very oversold and due for a bounce. Today is the day that begins the flow of IRA/401k money into the funds so should provide a little fuel for a barely smoldering ember. Any daring I can muster will be done in baby steps although I did add to SKX and GDXJ near the lows of yesterday.
The last hour today will be very interesting.
JohnR
Goldensurveyor.com
