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Jordan Events Cap Market's Advance
Posted on 09/25/2006 16:38:41 | Link | Post Comment
Yesterday, we mentioned how Platinum was breaking out to new 25 year highs during the European morning session suggesting that Gold and Silver could get a lift from Platinum's renewed strength and to a certain extent that is what happened, although in contrast to Platinum and Palladium's strong advances, Silver and Gold's upside moves were somewhat subdued, leaving them at critical points that are likely to determine the next significant moves for the metals. A break back up above $470 would have to be considered as unfoldingly bullish as would any additional upside momentum as exceeding the recent consolidation range highs extending up to $485, could set the stage for a strong move that could take us through the $500 level. Silver also needs to move to higher levels to establish its leadership potential to break above its own resistance at the $8.00 level.
Wednesday, in what turned out to be the continuation of an upward running correction in the major equity indices, especially in the Nasdaq, late morning thes indices broke out sharply higher in a classic continuation pattern. Unfortunately, the tragic news out of Jordan took the upside momentum out of the market and resulted in the giving up of much of the earlier gains of the day and as a result, it appears as if a short to intermediate term high has been put in for now. Equally unfortunate, was the fact that the S&P 400 MidCap was again within 10 points of setting new all time record highs, meanwhile the Transportation once again set a new record.
Wednesday, in what turned out to be the continuation of an upward running correction in the major equity indices, especially in the Nasdaq, late morning thes indices broke out sharply higher in a classic continuation pattern. Unfortunately, the tragic news out of Jordan took the upside momentum out of the market and resulted in the giving up of much of the earlier gains of the day and as a result, it appears as if a short to intermediate term high has been put in for now. Equally unfortunate, was the fact that the S&P 400 MidCap was again within 10 points of setting new all time record highs, meanwhile the Transportation once again set a new record.
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