Post-holiday market action
Gary Kaltbaum is an investment advisor with
over 18 years experience, and a Fox News Channel Business Contributor. Gary
is the author of
>The Investors Edge. Mr. Kaltbaum is also the host of the nationally
syndicated radio show “Investors Edge” on over 50 radio stations. Gary is also
editor and publisher of “Gary Kaltbaum’s Trendwatch”…a weekly and monthly
technical analysis research report for the institutional investor. If you
would like a free trial to Gary’s Daily Market Alerts
Just a few short notes because I want to be quiet until I see
what happens the next few days following the holiday.
OILS
In my past couple of reports, I talked about the rolling over
of these areas. So far, these areas have made a “goal-line stand” as they held
support right where they needed to. In fact, much of Friday’s move was led by
these areas. The OIH held right at $134…the short-term support that we
outlined for you. This is the 6th time the OIH has held in the $130-134 level
since January.
COMMODITIES
If you take a look at the charts of
(
NUE |
Quote |
Chart |
News |
PowerRating),
(
X |
Quote |
Chart |
News |
PowerRating),
(
ATI |
Quote |
Chart |
News |
PowerRating),
(
AL |
Quote |
Chart |
News |
PowerRating),
(
BHP |
Quote |
Chart |
News |
PowerRating),
(
TIE |
Quote |
Chart |
News |
PowerRating), and others…you will see the same. All held
important support levels…in fact, vital support levels. Any break below last
week’s lows…and see ya.
If the COMMODITIES and OILS can get back in gear, you will
have two areas of leadship that helped the market along back in the game. So
far, they have just bounced off the lows…a start.
Add GOLD into the mix as it held the very important $600.
SILVER is now leading GOLD by a wide margin. As long as GOLD can hold $600,
things are fine there.
The market is acting just fine. The follow through day of
August 15 continues to work…as the market continues to repair itself. So far,
we continue to see the opposite of what we saw for three months. For three
months, we could not find any buyers. Now…it feels like sellers have taken a
powder.
I will have a lot more to say in coming days. As long as we
see no distribution, all is cool.
Gary Kaltbaum