The Most Important Week in Years

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The Most Important Week in Years

Posted on 09/25/2006 16:41:00 | Link | Post Comment

0001 EDT Monday Aug 07, 2006

Good Morning: This week could turn out to be the most important week in years, depending upon what the Federal Reserve Open Market Committee decides, could have dramatic implications for the economy and markets going forward. How the markets react to this upcoming news, will likely set new trends and directions, perhaps for the remainder of the month and possibly into the fall. The employment numbers elicited a very positive reaction from stocks initially, but this mostly was reversed later in the day, although there was an encouraging late rally that could extend into today and that will be very important to the continuance of this relatively strong uptrend that has been in place since mi-July. Unfortunately, what looks to be a large ABC formation is developing in the overall stock market situation and although this has long term enormously bullish implications for stocks, given the dimensions of the overall structure there's a strong likelihood that some kind of retest of the mid year lows will occur in the fall, but that very much depends on how stocks behave this week and rest of the month. Energy Markets Surging Again Towards Record Levels Meanwhile it could also be a defining week for the Energy Markets. Once again Oil is soaring towards its all time highs, one news of BP's Prudhoe Bay shutdown and partly on news of Iran's defiance over the Nuclear issue and now it is beginning to look like some kind of supply disruptions are likely in near future... That could also be a catalyst for higher metal prices as the longer Oil stays at these levels the greater the longer term impacts of inflation. BP Shutdown to Remove 8 Pct. of US Crude Oil company BP scrambled Monday to assess suspected pipeline corrosion that will shut shipments from the nation's biggest oilfield, removing about 8 percent of daily U.S. crude production and driving oil prices sharply higher. Silver Surge Pans Out As Expected Thus Far As we commented all week the Silver market was looking awesomely bullish to the point that there could be a runaway move to challenge $13 per oz soon. Well Friday, Silver managed to $12.65 and if it can continue through $13, with some momentum it could very dramatically take out the $14 and $15 milestones with ease and potentially surge to new highs that could take Silver anywhere from 16 to 18 Dollars and as we have stated before, could at a stretch, take us all the way to $25, another milestone target that looks like it is just itching to be challenged. The fact is Silver stocks are dwindling rather markedly Worldwide and as we've recounted numerous times the World is running out of Gold and Silver. Gold also appears to be shaping up for a test of the $700 level again if it can convincingly overcome the $666 level. Trade Well From the Desk of Savant

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