I want to say a quick thank you to those readers who have emailed in with such positive feedback over the last few weeks. I appreciate the continued support!
A very good session for bulls today as the market filled most of the 3/21 gap range that was itching to be filled, then rallied the rest of the day and even pierced 2700 on the NASDAQ before closing just below this key resistance. Expect further upside from here.
For me personally I left the comfort of my 100% cash position today and started putting some capital to work. Tight stops are key to cut losses in the case of a reversal and I will be looking to add more if further strength is illustrated.
Gold - Hit my buypoint of $140 today and looks promising. Next buy point will come at $140.70 (fresh highs). Play the ETF itself or consider the gold miners, explorations, etc.
Silver – After a grim setup last week, the metal gapped to the upside along with the market and has run since. Today Silver broke to fresh highs on nice accumulation volume and should continue to move higher from here. For those who like volatility, consider the Proshares Ultra Silver (AGQ) which moves at 2x the price of Silver.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Down | Down | (+) Up |
| Short-term | (+) Up | Up | (+) Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
