Market is Taking a Break
The 734 to 736 area on the S&P sits out there as a support level this week. Yesterdays comments are still appropriate although I will note that I was incorrect on the timing of the test of the 729 S&P level on the weekly charts. That test is next week, the third week away from the low week. Also, we might add that we look for gold to breakdown as the S&P claws through the 50 day average in the next couple of weeks.
This weeks letter by John Mauldin has a guest piece from Gary Shilling. Gary is kind of a pessimistic type who I read to see what the pessimists are talking about. You can read it at:
The EMA ETF Fund NAV was 877 at yesterdays close.
7:58 AM CDT