4 Catalysts Could Move The Market
Oh my god! As I write
this, the market is actually down. Never thought that would happen
again. But I would rather discuss the innards first. On July 26th, I told you
RETAIL was acting heavy but only a few names had broke down. Well…heavy has
turned into something a wee bit worse. Many leading RETAIL stocks look to be
topping out today on their respective July numbers. I BELIEVE THIS COULD BE
IMPORTANT. I believe the RETAILERS have been an important linchpin for this
market…which bear watching. The market is already extended, already frothy
and in dire need of pullbacks. This may just be the catalyst.
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Other thoughts:
GOLD STOCKS
(
XAU |
Quote |
Chart |
News |
PowerRating) look like they have turned up.
I would use any pullbacks for buying as volume and price patterns have turned
positive.
Watch the SOX
(
SOX |
Quote |
Chart |
News |
PowerRating). As I have said for years: as
the SOX goes, the market goes. So far…no sweat. The worst thing I can say is
that the SOX is extended and needs to pull back.
OILS
(
XOI |
Quote |
Chart |
News |
PowerRating) remain in fine shape but also need to
rest a bit. They are starting to trade very wide and loose.
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