I’m back from my travels and it seems I missed quite a bit of market drama. I spent some time in Italy with my wife; wow what a beautiful country. Here is a picture during our climb to a fortress in Assisi. Views like this were everywhere throughout the country with the most stunning probably being in Capri or along the Amalfi Coast. Driving along cliff edges in a mini bus is quite a rush!
Travels aside, the market last week broke down out of the ascending bearish channel that had been noted numerous times prior to my departure. And as far as the Gold drop off goes, TraderMike readers definitely had a heads up . We should expect further downside from here and continued volatility. Cash remains king.
Boeing (BA) made headlines with its 787 Dreamliner finally making deliveries, Netflix (NFLX) shareholders were not in awe over the new DreamWorks deal, and Apple (AAPL) worries rise with Amazon (AMZN) set to release its iPad killer next week *we’ll see about that!*
Stay frosty (sharp) out there folks and I will see you back here tomorrow.
Investors lose faith in stocks (WSJ), Netflix reaches deal with DreamWorks (Bloomberg), After hours trading actually hurts stocks (Bespoke), New home sales down in August (CalculatedRisk), Europe’s sovereign debt solution… TARP? (CNBC), BBC Video interview… the collapse IS coming (ZeroHedge)
|Trend||Nasdaq||S&P 500||Russell 2000|
(+) 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.