1. The indicies are up across the board. Russell 2000 is again leading the way. The Financials are all up . You can’t trade the news, you’ve got to trade the charts. More important than anything is to be on the right side of the market. One would think that after all the rioting and looting that markets would all be down, but go figure.
2. Gold is flat, silver is up and it’s a powerhouse chart. We’re now in a confirmed uptrend. We need to see a consolidation to signal the next entry point. Nick called Silver in late April and called the move when it was $15 and now it’s over $18.
3. Restaurants are taking a breather. MCD is flat. Housing has been very strong and continues to be. Today we have a surprise in the airline stocks. Southwest is up $2. Even American is up 7.5%. Airlines are up across the board. Target is down, probably an isolated play. Retailers across the board look okay. They’ve been acting much better recently. Macy’s is way up off of the lows. Big percentage gains. Again, be a contrarian.
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