Tuesday, November 23, 2010

11/23 Daily Commentary

I'm still looking for the stock market to form a trading range/triangle over the next month.  Breaking 10,975 will change the picture.  I1 is at very low levels but is gently moving up into the first week of December.
The market broke critical support 2 weeks ago which is a big deal.  However, if the market moves into a trading range it makes any moving average system lame.  Breaking 10,975 will establish a trend. Meanwhile, if one expects a trading range it is best to do nothing until a trend develops.
I took a stab at silver but backed off on the realization that there is probably one more push upward.  This could go all the way to the old high 29.

1 comment:

  1. Hey Steve, looking around the world, it seems to me maybe the US markets just need to play a bit of catch up.

    European markets (FTSE & IBEX) are already in a nice trend downwards, so is Shanghai.

    I'm hoping you guys catch up soon, although I have no US positions. The more the merrier!