What’s Up, What’s Down: Indices Higher; Gold Moving Lower
Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (zaner.com) a Chicago-based futures brokerage firm.
Comments for Thursday, July 16, 2009
Looking Ahead to Thursday by Reflecting Back on Wednesday’s Price Action
METALS:
Sharply higher settlements on Wednesday for copper, gold, silver and platinum. Copper is still in an uptrend (2nd highest close of the move) continuing to act like it will test its highs but still needing to get through its last resistance area. Gold and silver closed very strong with the latter testing my sell signal but not ending it, at least not yet. My long term objective for silver is still 1100 basis the September contract. Platinum closed very strong but not affecting my sell signal at this time.
INDICES:
Sharply higher closes yesterday for the cash and Dow futures along with the S&P’s and Nasdaq. I’m taking away my sell signals, stepping back and seeing if any of the indices make new recent highs before I give any signals. For me the indices have become difficult for me to trade at this time. Long term the trends are definitely higher but I don’t feel comfortable taking a position in either direction at their present levels.
See the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.
Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. If you would like a free booklet explaining the charts mentioned above, email Rick at ralexander@zaner.com.