Financial Sense
Jim
welcomes noted technician Tom McClellan, Editor at McClellan Financial
Publications. Tom sees a continuing pattern of stock market weakness,
likely bottoming in September. He discusses the Hindenburg Omen, and
believes the indicator was distorted by recent weakness in bond funds.
He also discusses the four-year Presidential Cycle Pattern. Lastly he
sees some bullish indicators for gold (see charts).
Also, Ryan Puplava has the Market Wrap-up, Erik Townsend covers
commodities and Rob Bernard looks at interest rates and fixed income.
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After breaking through its $20 resistance in May, ESI has been stuck
in a sideways move for the last (3) months. During that time the stock
has created a key level of support at $23 (blue) and in addition, the
stock has formed a level of resistance at $28 (red). A break below $23
should mean lower prices for the stock and a break above $28 would most
likely mean higher prices ahead.
Dines:
“Remember, gold moves on its own cycle. It has come down with the
whole raw materials crash in China, and it’s dragged down every single
raw material including rare earths, uranium, everything. But gold is
different. Curiously enough we have been getting an upturn in some of
these rare earths and uraniums. They seem to be moving together for
some reason. The answer to that is probably somewhere deep in mass
psychology. 