The market continues to trend sideways, a bullish act considering the move we have seen the last few weeks. Instead of working off overbought readings by selling off, we are working off these readings by moving horizontally. Add this to the markets continued ability to ignore any remotely negative economic news, and bulls have the best of both worlds.
Also, I have found it interesting how I am becoming, should I say, less surprised, when the market moves up on less than average volume. In a traditional market environment the last two weeks would be a huge flag that a reversal is inevitable. Not in today’s market though. Atleast the distribution day counts are still worth noting…
For those that care about weighting within indexes, check out the WSJ’s breakdown of the NASDAQ 100′s new weighting. In a nutshell, Apple is the sour flavor.
And for gold bulls, today was a beautiful day. Gold broke to fresh all-time highs, which means GLD had a great session. Analysis below. For me, I find individual gold stocks tough to play due to their unpredictable price swings. Personally, I stick to the 1x ETFs like GLD and GDX (gold miners ETF). For those investors who want to get more “in the action” though, consider UGL (2x Gold Bull), GG, EXK, IAG, GOLD, ABX, and EGO.
Stay frosty.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
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