This week should represent a weekly top in the stock market.
This week should also represent major movements in other markets such as Gold, Silver, Crude Oil and Interest Rates.
Therefore, this should be a pivotal week. Of course the market is designed to trick as many traders and investors as possible, so we just might blow right through and continue onward and upward.
In the video below, I provide you with one more upside target that can be identified at this point. Tune in to find out how much higher that might be.
It’s very difficult to by the market, including any stocks at these levels, since we just had a 10% rally for almost three straight weeks with hardly a down day. Hence, don’t chase the market up at these levels.
The Gold Futures market is interesting to say the least. The bearish sentiment is at an 11 year extreme. This means there is nobody left to sell, and there are plenty of traders who remain short this market waiting for lower prices to occur. Normally at extremes we look for a reversal. One seemed to be underway last week, but it didn’t stick today.
Same goes for Crude Oil. Black gold made a run back to $80 per barrel early today, but quickly retreated. As long as oil is trading down, “they” will have a hard time convincing everyone of the global growth story. Can’t have economic expansion and energy prices declining at the same time, it doesn’t work.
All the rest of the common sense analysis is found in the video below.