Weekend Thoughts

Ok. So, after those momentum leader earnings laggards traded today, the S&P500 ended even. The nasdaq ended down almost 1%. BUT the IWC IWM group were up almost 1%!!

We are seeing a possible shift of big money into small cap growth stocks, which tells me risk on. We’ll see if the market holds up and if there is follow thru on small-caps and IBB stocks.

I am also getting some scary signals for gold and materials. Some bigger down volume days occurrd in gold. GLD is riding its all important 50 day MA, as it closed below it on friday. On monday, I’ll be looking for a close below the range of friday to possibly trim my gold holdings.

Silver looks ok especially in the weekly chart. Platinum ETF PPLT however put in a reversal day on high vol but still above the 10 and 50 dmas.

Steel put in a big reversal day on thursday coming down on 3x avg vol. Still above 10 day ma. Individual stocks AKS, appears to be pulling back to the 10 dma.

Glencore is pulling back as well, and on friday pu int in an above average down day. I’ll be happy if it comes down a little bit more to hit my buy order at 4.40.

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