Wednesday, June 5, 2013

Eyes on This

Yesterday we witnessed the Tuesday streak come to end, that was 20 consecutive Tuesdays of gains in the Dow Jones, now that is in the record books. Today we had a 216 point down day and if the Dow closes negative tomorrow- it will be the first 3 consecutive down days in the Dow this year, never in history has the Dow Jones ever gone this deep into a new year with this feat that we have witnessed! I know I will be watching and I would not be surprised either way. No matter what happens tomorrow, the market certainly does not look that good at all. Take a look
What matters most is the job number on Friday morning. Stay tuned and be prepared for the SPIN from the media. Earlier last  week I alluded to the Bond market and really have not mentioned them much but I have been watching them everyday very closely. It appears that they have found a base and looks like we may start a move higher. Again Friday will determine the next big move in Bonds, bad number and rates will start to fall and bond prices will head higher, a decent number expect vice versa. Stay tuned but in the meantime take a look at what the bond chart is saying, I see a nice rounding bottom.
Lastly, I would like to mention Gold and Silver, I am not thrilled that Gold could not muster solid gains in the face of plummeting stocks today and I recommend exercising caution tomorrow and going into the job number. I would not be surprised to see $1375 and $22 being tested in the next 36 hours. Be Careful, I do not like the look or performance of Silver especially.

Good Night
Martin


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