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! 

 

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Today’s Golden Sunrise

Wednesday, May 05, 2010

Hours of daily research consolidated for you

Is Rock and Roll here to stay?

 

The near-panic conditions in Europe had people fleeing to the US dollar for safety…the US dollar for safety….hard on the mind..

Dollar ETF-UUP…second gap up in a row..

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The bruised and battered eur/usd: the last bar is this morning (5/5)

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 The Volatility Index…this is a 30 minute chart

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The NYA-the broadest index and one that has been quietly distributing as its’ better known brethren have continued upward.

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Down days have been DOWN days..lower highs, lower lows as well.

Gold got pounded, which has been the pattern with strength in dollar, but on this 30 minute chart, showed some support at the end of the day. The flight to safety will culminate here and much higher levels.

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  • IBD had the gold index rising from #7 of 23 yesterday to number 1.
  • The gold index lost  .6% on the day.
  • Every single group of the IBD 197 was negative yesterday
  • Best group was Retail/Wholesale Food at -.4%
  • Get this-short ratio declined for 11.92 to 11.73 (shorts bailed with small profits or when back to even)
  • Put/call ratio dropped to .75 from .83
  • Stocks over the 200 day on the NYSE (7000) stocks dropped from 84% to 79%…that’s about 350 companies falling under an important support line.
  • NYSE down volume was near 15-1 vs. risers, NAS almost 12-1
  • OI interest and volume on gold, the S&P and NASDAQ jumped dramatically higher yesterday.
  • Australia was very negative yesterday but the metal stocks were higher…same story today on the FTSE..BHP up on both
  • Fresnillo, one of the world’s largest silver producers, was up 3% this morning…silver yesterday made red-headed step-children and rented mules give thanks for the kindness with which they are treated..added some shares in my favorite..

 

The day is set up for another day of drama…the search will be for support levels and bounces from there…be careful on getting excited on the first bounce…

 

JohnR.

Goldensurveyor.com

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