INDICIES: 06/23/09 FOMC Meeting begins today: Yesterday we saw lower to sharply lower closes ahead of the fomc meetingfor the cash and Dow futures along with the S&P's andnasdaq. I now have sell signals for the Dow and S&P's while close to one for the nasdaq. There is a hitch however. All are in or at good support areas and forming even larger possible tops. Also the long term trend is stillup. Therefore, you can act on these signals or wait for possibly even larger ones tofeel more comfortable taking short positions. There's no wayof knowing which is the smarter decisionto take until after the fact.
I have a trading tool for the S&P which I share with my clients. Please feel free to call or email me if you are interested in learning about this unique indicator I use.
METALS: 06/23/09 Lower to sharplycloses yesterday forgold, platinum, copper and silver.Copper is still in an uptrend but forming a possible top at this time while in a strong support area but also unable to hold the 22500 area(July).. Gold settledlower making its lowest low and close since the middle of May also breaking out of abear flag to the downside. Silver finally gave me a sell signal also with its lowest low and close since the middle of May and ending up below the all important 14000 area(Sept.). Platinum settledsharply lower breaking down out of a bear pennant with 11500and below the next support area while now close to a sell signal. I still maintain my Buy Signal for Copper and Sell Signals for Silver and Gold.