A nice follow through day for the market as the major indices moved higher on increased volume, completing the flag that was forming over the last few days and highlighted previously.
Looking ahead we have two days left in the quarter which leaves next week open to a fresh start. This also begs the question… Is a strong sell off session (1-2%+) on heavy distribution volume looming around the corner? The market is “overbought” and being the end of the quarter, the term window dressing has been floating around. Time will tell.
Also tonight I have updated charts of both Coal (KOL) and Silver (SLV). Both are looking good and primed for higher prices to come. This means individual stocks should be considered. Starbucks closing shortly so not enough time to post a list of names but I will make an update tomorrow. UPDATE: Coal Stocks: WLT, ACI, BTU, ARLP, ANR, ICO, PCX. Silver Stocks: AGQ (2x ETF), SLW, PAAS, CDE, SVM, ANV, SSRI.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | 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.
