The Best News Today, Housing Starts Down

This morning the report is that housing starts were down 10 percent, that is great news that will let the overbuilt inventory be cleaned up sooner.

The fact that the GLD and GDX ETF’s didn’t put in a strong performance yesterday says a lot about the market.  It means that this next stage up-move will be more solid.  So our comments about the speculative stage will have to be postponed for a while.  We are back to looking for how the S&P feels at 915 and are not planning to be sellers until a speculative bullish frenzy appears.

The EMA ETF Fund Nav was 1074 at the close.

8:19 AM CDT