Last week on Friday I did an important post about the major key reversals that happened in many of the leading Nasdaq big cap tech stocks titled On Thursday The Stock Market Rally Generals Got Shot. Then this week we saw gold and silver breakaway from the stock market averages and soar to new highs with silver clearing a stage one base. This is creating new trends that I believe a lot of traders should get into in order to beat the market.
Yesterday the stock market faltered some more, but is it really heading for a crash? The risks are now to the downside, but there is one big thing happening that makes it unlikely that it will decline like the way it did this March or in 2008 or in the Fall of 2000 for that matter.
I talked about this topic with Ike Iossif of marketviews.tv in this interview:
Here is what I am watching now:
1)Today we have a FOMC meeting and tomorrow the US GDP numbers. How will the market act after these news items come out?
2)Gold and silver are clearly in new bull markets, but not all commodities have begin new bull markets yet. Will other commodities finally begin to follow the metals up?
Today and tomorrow will be interesting, but the important big picture stuff is what I really talked with Ike about in the interview.