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Gold and Silver Higher Overnight
Posted on 09/25/2006 16:38:56 | Link | Post Comment
0912 EST Tuesday February 28 2006
Good Morning: Yesterday, we got the extended gains we were expecting for the S&P and Nasdaq as Intel INTC and Google GOOG rebounded further. Equities remained firm for a good part of the day, but pulled back mid-afternoon, potentially putting in some new interim highs. It will be interesting to see whether yesterday marks some new resistance levels for a day or two or longer going into March, but it may be important to note that the taking out of yesterday's highs, when and if it occurs, could propel Equities substantially higher. Mainly because a number of important indices are poised to set new multi-year highs or all time highs, including the Banking, Transportations and Composite Indices and it would seem that a breakout over yesterday's highs, would potentially usher in a major breakout over 1,300 for the S&P 500 in particular and at the same time set the Dow Industrials on a path towards new all time highs and additional strength in the Nasdaq might be enough to drag the Semi-Conductor Index Sox and Networking Index NWX to make that critically important breakout to new multi-year highs. The S&P 600 IJS and Russell 2000 RUT both setting new all time record highs is an added very bullish undertone. So we would expect the next run-up should it happen to occur with some violence and authority in what could become a buying stampede.
Meanwhile Platinum rebounded sharply overnight taking Gold and Silver up some along with it and bearing out some of our commentary yesterday, that the surprises could remain on the upside in the case of Gold and Silver, arguably among the most undervalued assets on Planet Earth these days. The US Dollar is weaker overnight with the Currencies rebounding some although not yet strongly enough to for sure effect or confirm a reversal, but that is something that could come into play over the next few weeks. We'll have to see. Needless to say, that within the bounds of a lackluster currency marketplace now for a number of months, a strong reversal, should it occur could bring to bear a powerful new trend in Currencies, that perhaps might lead to a serious unraveling of the US Dollar. We are not there yet and the Dollar highs are by no means in, but it is one scenario that could unfold and so we are paying very close attention to same, especially in view of its likely impact on Precious Metals prices, which if they react positively again to either a strong or weak $US would be interesting.
Trade Well
From the Desk of Savant
Good Morning: Yesterday, we got the extended gains we were expecting for the S&P and Nasdaq as Intel INTC and Google GOOG rebounded further. Equities remained firm for a good part of the day, but pulled back mid-afternoon, potentially putting in some new interim highs. It will be interesting to see whether yesterday marks some new resistance levels for a day or two or longer going into March, but it may be important to note that the taking out of yesterday's highs, when and if it occurs, could propel Equities substantially higher. Mainly because a number of important indices are poised to set new multi-year highs or all time highs, including the Banking, Transportations and Composite Indices and it would seem that a breakout over yesterday's highs, would potentially usher in a major breakout over 1,300 for the S&P 500 in particular and at the same time set the Dow Industrials on a path towards new all time highs and additional strength in the Nasdaq might be enough to drag the Semi-Conductor Index Sox and Networking Index NWX to make that critically important breakout to new multi-year highs. The S&P 600 IJS and Russell 2000 RUT both setting new all time record highs is an added very bullish undertone. So we would expect the next run-up should it happen to occur with some violence and authority in what could become a buying stampede.
Meanwhile Platinum rebounded sharply overnight taking Gold and Silver up some along with it and bearing out some of our commentary yesterday, that the surprises could remain on the upside in the case of Gold and Silver, arguably among the most undervalued assets on Planet Earth these days. The US Dollar is weaker overnight with the Currencies rebounding some although not yet strongly enough to for sure effect or confirm a reversal, but that is something that could come into play over the next few weeks. We'll have to see. Needless to say, that within the bounds of a lackluster currency marketplace now for a number of months, a strong reversal, should it occur could bring to bear a powerful new trend in Currencies, that perhaps might lead to a serious unraveling of the US Dollar. We are not there yet and the Dollar highs are by no means in, but it is one scenario that could unfold and so we are paying very close attention to same, especially in view of its likely impact on Precious Metals prices, which if they react positively again to either a strong or weak $US would be interesting.
Trade Well
From the Desk of Savant
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