Today’s Golden Sunrise
Thursday, April 08, 2010
Hours of research consolidated for you
You smell smoke?
Distribution day yesterday..they are starting to accumulate.
- 4 on the S&P, NYSE and the Dow, 3 on the Nasdaq
- $21B treasury auction of 10 yrs went well..but at higher rates, btc a record…Geithner’s trip any influence?
- 30Yrs for sale today..
- Jobs report this morning Worse Than Expected…even Liesman said it was bad…initial reaction not that bad
- Europe down sharply…Greece deal unraveling according to Bloomberg..how do you unravel what was never raveled?
- Next week will start earnings season with AA kicking it off and what is expected to be a series of positive crushes..
The S&P on a daily chart: Red bars are all on higher volumes
That said-market started up on the auction results, then down sharply, then a pretty strong last hour…dip buyers coming through..fib chart yesterday still shows 1215 at a .618 of the Oct07 to Mar09 sequence.
Gold is drawing attention: let’s look at it from a couple different points of view and end up with a couple of charts that might provide a focal point. A daily-
Everyone will buy the S&P but are afraid of gold. Why? Beat the SPY badly
Note that the chart above was a comparison from the October 2007 highs…just killed the SPY.
Another view from the March lows…it doesn’t get any better for US stocks than the historical run-up that has taken place in the last 13 months. Wow—stride for stride.
The dollar has been gaining strength-mainly because of the disaster developing in Europe:
The brightest spot has been tech…Gold vs. the NDX 100.
And the reason for that is: AAPL, which is 15-16% of that cap-weighted index: that Apple has carried it shows pretty clearly.
Keep an eye on these relationships. Own some gold. Own the real thing with at least part of your assets.
More to come as things unfold. Check out the website where I am joined by other contributors.
JohnR
Goldensurveyor.com
