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A Defining Week Ahead for Markets
Posted on 09/25/2006 16:40:41 | Link | Post Comment
0920 EDT Monday June 19, 2006
Good Morning: The stunning recovery in stock prices that began to unfold Wednesday, was exactly the kind of surprising upside action we were looking for, upon the completion of a depiction of near perfect ABC formations, not only in the US, but across the World that was quite unlike anything previously experienced and is the kind of reaction one expects to unfold out of a roaring bull market, which had been the case in terms of the emerging markets, along with precious and base metals. Regrettably, by early Friday morning, following a sharply higher open in Europe on the back of Asian gains, markets began to lose ground and a daily reversal of sorts regrettably thereafter ensued, however, overnight the Equity markets have once again shown a reluctance to dip further rallying mostly overnight in what appears to be a strengthening structural disposition that could inspire some upward follow-through this coming week and perhaps into month's end. Still we did mention the possibility of a late month secondary bottom or retest of some sort, being put in so we have to be prepared for anything. While the technical structure of the metals markets and some emerging markets leaves a lot to be desired it does not preclude the outside possibility of a dramatic weekly reversal unfolding this week and should this occur, it would not only turn the metals and emerging markets sharply bullish, they could set themselves up for the mother of all monthly reversals, the likes of which have not been seen in some time, if ever. And there are some compelling reasons as to why this might occur as the Iranian situation heats up again and North Korea suddenly re-emerges as a nuclear loose cannon wild card. Late Friday, Gold and Silver rebounded very sharply right into the close on developments and even though they have eased some overnight, a very volatile week could lie ahead and we have to be looking for rally opportunities to unfold just as occurred late Friday. Trade Well From the Desk of Savant
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