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Gold and Silver Remain Firm Overnight Equities Easier
Posted on 09/25/2006 16:38:56 | Link | Post Comment
0920 EST Thursday March 02 2006
Good Morning: The stout rally that initiated overnight Tuesday, extended into the 1st day of March in a compelling reversal of Tuesday's selloff, boosted by a remarkably strong upward breakout in the Semi-Conductor Index SOX and one of the most powerful upmoves in the Networking Index seen in some time as it surged to a new multi-year highs along with Cisco Systems CSCO. This is a very promising new development and while the S&P and Nasdaq could be constrained some depending on how Thursday unfolds, our feeling is that any further upside in the SOX or NWX, could turn us increasingly bullish on Equities if the S&P Dow and Nasdaq confirm this new upward trend by breaking out higher and taking out the resistance that initiated Monday's late afternoon selloff. A negation of that activity, ie a rebound of consequence and authority across the board could turn Equities explosively bullish, however, we have to see if the SOX Semi-Conductors can really and truly pull it off this time and follow the Networking Index to new Multi-year highs. The SOX tends to be a very elastic index in that when negative it tends to under the Nasdaq, but in a bull mode, it has a propensity to over-extend on the upside to a very considerable degree and frankly, a breakout over 550 on the SOX could potentially portend a move to 650 if not 750 with relative ease and might be a very bullish bellwether for Equities this year, especially the Nasdaq which in of itself looks close to breaking out to new multi-year highs and looks to be sneaking past the 2,300 level, potentially on its way to 2,400 and our long term interim target of 2,500 on the way to an even longer term objective forecast just under a year ago back in early May 05 of 2,800.
Gold and Silver continue to act firm and in spite of over-reaching and looking like they want to pull back, seem reluctant to want to do so. The US Dollar is teetering on the brink of 90 on the Dollar Index and it would seem a decisive break either way could set the new trend...
Trade Well
From the Desk of Savant
Good Morning: The stout rally that initiated overnight Tuesday, extended into the 1st day of March in a compelling reversal of Tuesday's selloff, boosted by a remarkably strong upward breakout in the Semi-Conductor Index SOX and one of the most powerful upmoves in the Networking Index seen in some time as it surged to a new multi-year highs along with Cisco Systems CSCO. This is a very promising new development and while the S&P and Nasdaq could be constrained some depending on how Thursday unfolds, our feeling is that any further upside in the SOX or NWX, could turn us increasingly bullish on Equities if the S&P Dow and Nasdaq confirm this new upward trend by breaking out higher and taking out the resistance that initiated Monday's late afternoon selloff. A negation of that activity, ie a rebound of consequence and authority across the board could turn Equities explosively bullish, however, we have to see if the SOX Semi-Conductors can really and truly pull it off this time and follow the Networking Index to new Multi-year highs. The SOX tends to be a very elastic index in that when negative it tends to under the Nasdaq, but in a bull mode, it has a propensity to over-extend on the upside to a very considerable degree and frankly, a breakout over 550 on the SOX could potentially portend a move to 650 if not 750 with relative ease and might be a very bullish bellwether for Equities this year, especially the Nasdaq which in of itself looks close to breaking out to new multi-year highs and looks to be sneaking past the 2,300 level, potentially on its way to 2,400 and our long term interim target of 2,500 on the way to an even longer term objective forecast just under a year ago back in early May 05 of 2,800.
Gold and Silver continue to act firm and in spite of over-reaching and looking like they want to pull back, seem reluctant to want to do so. The US Dollar is teetering on the brink of 90 on the Dollar Index and it would seem a decisive break either way could set the new trend...
Trade Well
From the Desk of Savant
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