With the crisis in the Middle East escalating, here is an important update on the stock market, plus a note on gold.
Update On The Stock Market, Plus A Note On Gold
May 1 (King World News) – Here is a quick note from Jason Goepfert at SentimenTrader: Most of what we looked at in late March and early April suggested a high likelihood of rising prices. Since then, surveys have showed sharply declining optimism, and there has been so much volatility, it is on par with other periods of bottoming action…
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Goepfert continues: More recently, there have been troubling developments, such as the rise in yields, continued selling by the so-called smart money, and there still hasn’t been a big thrust in Up Volume during the rally. Plus, now we’re entering the worst six months with a loss and Industrials are hitting their lowest level since November.
King World News note: Goepfert correctly points out that although the stock market has struggled, it is now entering what has traditionally been the worst 6 months of the year. This could set the stage for some serious downside action in the stock market, especially if bond markets continue to weaken.
Gold & Fed Meeting
With regards to the gold market, the commercial short positions in the gold market continue to get covered into the recent weakness. The Fed meets tomorrow and this has traditionally created further weakness in gold. This looks like a good opportunity for the commercial shorts, who have been holding fighting the advance in the gold market, to cover.
The last round of weakness is a great opportunity for those accumulating physical gold to buy at cheaper prices. I have been buying more physical gold into the recent weakness and will buy more gold this week.
***Also Just Released MAJOR ALERT: Celente – This Is About To Trigger $150 Oil, $2,000 Gold & Crashing Markets CLICK HERE.
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