Bottoms Up?

 It looks as though the markets may have bottomed out in perfect timing with the so-called "debt ceiling."

Traders and investors alike are breathing a sigh of relief, but we shouldn't be surprised if those with the real money take the markets down a little further before we see a true reversal. We did surpass the "D" target on Thursday, and this latest drama with US monetary policies hardly means everything - economically speaking - has been repaired.

 All this "quick-fix" has really done is allow the US to pay off their first credit card with their second credit card, with funds they borrowed from their third credit card.

 

 Hardly a recipe for success.

 

Always perform your own due diligence. These are only my opinions.

Two Bullish Targets for Gold

 There is a very reachable target at $1659.20 providing gold can power through the mid-point of the lesser pattern at $1647.30, which could set gold up for the $1713.50 target. 

Always perform your own due diligence. These are only my opinions.

SPY Hits 3 Year Low vs Gold

Always perform your own due diligence. These are only my opinions.

RIMM Closing in on Target

Research in Motion (RIMM: Nasdaq) continues to zero in on the $25 target mentioned here last month. You'll have to decide for yourself what kind of room you want to give it, as it was mentioned in the previous analysis that a larger pattern has RIMM well on its way to zero. A knight in shining armour may be required to save RIMM from itself.

Always perform your own due diligence. These are only my opinions.

Gold vs the S&P 500

Always perform your own due diligence. These are only my opinions.

Home Construction Index (DJUSHB) Breaks Trend Line

Always perform your own due diligence. These are only my opinions.

GDX vs SPY

Always perform your own due diligence. These are only my opinions.

US Dollar

Always perform your own due diligence. These are only my opinions.

Silver

Always perform your own due diligence. These are only my opinions.

Gold Stocks

Gold stocks have managed to gain some ground against their physical counterpart since bottoming out in early June, but still have a lot of work ahead of them to recapture the levels they set last year in November.

It will be interesting to see what kind of effect - if any - the new Hong Kong Mercantile Exchange will have on gold and silver prices over the coming days and months and the stocks making up the two sectors.

It should be noted that the reversal in GDX coincided with a bounce in the stock market. Gold stocks still seem far too dependent on the overall performance of the market to get completely comfortable putting all our eggs into one basket. 

 

Gold Stocks vs Gold

Always perform your own due diligence. These are only my opinions.

US Dollar vs the S&P500

Always perform your own due diligence. These are only my opinions.

End of Week Spiders

Always perform your own due diligence. These are only my opinions.