sp'weekly1b
sp'monthly1b
Summary
Re' weekly1b: aside from the Aug/Sept' upset, the sp'500 has been stuck with a relatively narrow 5% range.
Re' monthly1b: without question, the most important issue is whether the market can hold above the 10MA, which was decisively re-taken in Oct'.
A Dec' or Jan' monthly close under the 10MA should signal alarm bells. For now... lets see how the year wraps up.
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Looking ahead
Wed' will see a small wheel barrow of data... Durable Goods orders, Pers' income/outlays, new home sales, consumer sent', and the latest EIA report.
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As for Gartman
First.. see HERE
Frankly, the gold bugs should be utterly terrified at Gartman's new bullish call for Gold.
Why would anyone think the recent low of $1045 was a core multi-floor for Gold? It makes no more sense than those who called $1321 a floor, 1179, 1130, or 1051.
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| Books always suggest intelligence, yes? |
What will happen to Gold (or for that matter Oil) if the USD starts consistently trading above the DXY 100 threshold next year? It sure won't help, right?
I kinda feel sorry for Gartman. I have certainly had my times when I've been on the wrong side of almost every cycle for some weeks, or even a few months. I've found the only solution is to quit hitting the BUY or SELL button for at least a month or two.
Of course, Gartman won't do that. No mainstream commentator or analyst would ever announce they are sitting it out for a few months.
I will be looking for Gartman - and some others, to turn bearish Gold, somewhere in the $900/875 zone. If that is the case in late spring/summer 2016, well, it'd likely be the key floor many have been seeking since the commodity peak in 2011.
Goodnight from London