Tuesday, June 02, 2009

Insipid Tuesday

If a day's trading lacks character, is flat, dry, bland and stale, it's more often then not, a Tuesday. Today was no exception, as evidenced in the following charts; lackluster, irksome, dullsville. Yet in spite of the tiresome, washed out, murky action, there was still enough to make a buck......and write a blog.

SPX - 120 Minute

Above represents two days of the SPX on a 2-hour chart. After Monday's gap-up opening, prices have simply gone horizontal and are not yet threatening the stop/reverse BW levels.

DXD - 120 Minute

The double-beta Dow 30 Bear ETF above shows Monday's gap-down, followed by a slow drift downward through the close Tuesday. Only one bar even threatened the downtrend, but prices ultimately resumed their trend lower into Tuesday's close.

XAU - 120 Minute

Our recent gold picks (AUY, SWC, NG, & ANV) all had good days today, but the bigger cap Gold & Silver Index above basically lingered. An example of good things that can happen when you put a little effort into stock picking instead of merely relying on a broad-based index.

Dueling cliches:

Sell in May and go away;

Never short a dull market.

For conspiracy buffs:

Russian President may push 'new world currency'...



ROB G said...

i dont get it, dows down 122, s&p down 18, and faz and srs are only up a little. what gives?

rob g

Anonymous said...

FAZ high today 4.87 at 10:30 EST & at 13:30 EST. SPX low today 929 at 10:30 EST & 925.5 at 13:30 EST

That's only a 3.5 pt move. hang tight!

Anonymous said...

My pennies for gold play today was General Metals Corp (GNMT). They had a news offering this morning. http://www.marketwire.com/press-release/General-Metals-Corporation-Frankfurt-GMQ-998701.html