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From Divergence to Convergence: SPY vs. GDX
By Mike Paulenof Has "The Great Convergence" started, which will reverse some of "The Great Divergence" between the S&P Index and the Gold Miners? With yesterday's high volume, key-downside reversal in the SPDR S&P 500 (SPY), juxtaposed against yesterday's positive performance by the Market Vectors Gold Miners ETF (GDX), coupled with their respective-directionally powerful-daily momentum (RSI) patterns, evidence is mounting that a period of relative performance has commenced for the GDX. But while relative performance is one thing, to get any real traction on the upside, the GDX must hurdle and sustain above 31.00/30. In the meantime, my work argues that while the SPY ratchets to the downside in a corrective period, the GDX will build a significant bottom, ahead of a thrust into a recovery, bull phase. Sign up a FREE 15-Day Trial to Mike Paulenoff’s ETF Trading Diary! … [Read More...]
“Ron Burgundy”
by Larry Levin In the movie "Anchorman: The Legend of Ron Burgundy" there were many outstanding one-liners. One of the most memorable lines in my opinion is what he said after a small argument escalated into a massive gang war. Once back into the safety of the news room Ron says to his gang-banging-anchorman buddies: "Boy - that escalated quickly. I mean, that REALLY got out of hand fast!" http://www.youtube.com/watch?v=Uh7tgX_Uaqs I thought of this when the Ben Bernanke Gang hit the tape Wednesday. At first, not much happened. Chairman MaoNanke gave his speech to Congress and the market rallied; however, the other gang bangers showed up and it got messy. A Congressman asked the Chairman of Central Planning if he had any plans of stopping the free-money train to Fraud Street...and he said yes. With this - it was on! The Stalingrad & Poor 500 dropped like a stone. But when the market "really got out of hand fast" as Ron Burgundy said, was when the FOMC minutes hit the tape. Fraud Street wasn't prepared for all of the "truthiness." In it we read..."a few participants expressed concern that conditions in certain U.S. financial markets were becoming too buoyant.... One participant cautioned that the emergence of financial imbalances could prove difficult for regulators to identify and address, and that it would be appropriate to adjust monetary policy to help guard against risks to financial stability." When the market started the initial fisticuffs early with the Chairman's admission to a QE exit, the market fell; however, this intensified into mega-weapons, and I'm sure Brick threw a trident into the ESs heart...causing it to plunge into the close. Will Brick & the ES find a safe house for a few days? OPTIONS: Volatility Commentary The Bank of Japan released its decision not to change its monetary policy today. The policy statement did sound generally optimistic about … [Read More...]
Trading
EMU recovery: Slow but on track
The EMU Composite PMI posted its second consecutive rise in May. Although the pace of improvement remains slow and 2Q … [Read More...]
“Ron Burgundy”
by Larry Levin In the movie "Anchorman: The Legend of Ron Burgundy" there were many … [Read More...]
Go Green
by Larry Levin Don't worry, this isn't a public service message trying to get you to … [Read More...]
Stocks
Japanese Stock Market: Bubbles And Why The Small Investor Remains Scared
The NIKKEI 225 (INDEXNIKKEI:NI225) dropped 1,060.23 (-7.32%) to close at 14,483.98 last night. This was after a 30% … [Read More...]
A Modest Industry Leader: Cisco
Born to address the need of a husband and wife located in different office buildings to communicate with each other, … [Read More...]
Natural Gas Stocks That Win Big
Last week the Energy Department announced that it has conditionally authorized the Freeport LNG project to export … [Read More...]