Archive for July 19th, 2010

Gold Follows the GCI Lower

| July 19, 2010

As expected, gold in US dollar terms broke below congestion support in the $1,192 area today, following the Gold Currency Index (GCI) down to a new low for the short-term downtrend from early July. The GCI is approaching the lower boundary of the long-term uptrend near 29.55, so it will be important to monitor how […]

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Baltic Dry Index Approaches Low from Early 2009

| July 19, 2010

The Baltic Dry Index (BDI) declined for a seventh straight week and it is now approaching the April 2009 low. It could certainly be argued that technical analysis is of limited usefulness when applied to the trend in international shipping rates. However, the precipitous drop from early June is without question a troubling sign, and […]

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Hussman on Market Valuations

| July 19, 2010

John Hussman of Hussman Funds spends a great deal of time analyzing market valuations, and he has noted on many occasions over the past year that stocks remain at historic levels of overvaluation according to his metrics. In his latest weekly commentary, Hussman takes issue with all of those optimistic analysts who continually talk about […]

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Builder Confidence Continues to Fall

| July 19, 2010

The National Association of Home Builders reported that its housing market index dropped to 14 in June, the lowest level since April 2009. As shown on the following graph from Calculated Risk, the uptrend that began in early 2009 has now fully reversed and broken below the short-term low from earlier this year. The continued […]

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Short-term Forecast for July 19, 2010

| July 19, 2010

Stock Daily Chart Analyses The following daily chart analyses provide short-term forecasts for the stock markets that we monitor. For intermediate-term outlooks see the latest weekly review, and for long-term outlooks see the big picture update. The S&P 500 Index Synopsis: The S&P 500 index closed moderately higher today, holding below resistance at the upper […]

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