No full market comment this weekend as I am sailing for 3 days. Thursday was a surprise bounce predicted last week. Gold did well now is the time to review our holdings, and consider some profit taking.
Charts 100 200 series click here
Charts 300 series click here
What I Think
Thursdays rally was impressive with a strong gap up. If in the coming week we break in to a new all time high this rally could go much further and we will finally break in to new highs signaling a strong bull market.
The good news, breath is very strong with a lot of S&P500 stocks hitting 52 week highs and nearly zero hitting 52 week lows.
The bad news, the rally has been lead by consumer staples and utilities. Gold marches ahead. Very big lags in tech and consumer discretionary stocks signaling a mood of over all caution.