Quiet Day On Wall Street; Commodities Rally:
Monday, December 6, 2010
Stock Market Commentary:
Monday was a quiet day on Wall Street as gold and silver soared. In the future, to avoid any confusion, we are no longer going to use outside resources to label, instead focus on what has worked exceptionally well for us over 7 years, our own analysis. A popular outside source changed their label on Friday to Market in a confirmed rally, without a proper FTD emerging. This is bizarre and frankly plain irresponsible. From our standpoint, the rally that began on September 1, 2010 is still intact and we said that in our commentary on November 16, 2010 when the outside source said the rally ended –Full Story here. However, we changed it to be inline with them but that was clearly a mistake. If anyone has any questions about this, please feel free to fill out our contact form and we will be happy to address it in more detail.
Quiet Day On Wall Street; Commodities Rally:
On Sunday, Fed chairman Ben Bernanke appeared on CBS’s 60 minutes and reiterated his recent stance on the economy and QE II. Bernanke said the economy continues to grow, albeit slowly, and left the door open for QE 3, if needed. The big story of the day was gold and silver. A slew of gold and silver stocks soared (NG, HL, IAG, AEM, ABX, etc.) after gold and silver futures advanced in heavy trade.
Market Action- Market In Confirmed Rally Week 15
It is encouraging to see the bulls show up and defend the 50 DMA lines for the major averages. The market remains in a confirmed rally until those levels are breached. The tech-heavy Nasdaq composite and small-cap Russell 2000 indexes continue to lead evidenced by their shallow correction and strong recovery. Put simply, stocks are strong. Trade accordingly.
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