Archive for February, 2014

Betwixt and between…

Posted on Feb 22, 2014 by .

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0221spx

 

http://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=0&mn=9&dy=0&id=p27366437823&a=337718329

Prices encountered resistance last week and left the market betwixt and between.  Failure to take out the old highs would create an uncomfortable short run situation.  This will be the setting for next week.  Somewhat the same situation exists in the gold miners (GDX).  Several letters ago we remarked that the gold miners (GDX) were a buy:  http://www.edwards-magee.com/?p=4657

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Hogwash, balderdash and humbug…1929 analogue or 1929 SPX…

Posted on Feb 17, 2014 by .

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Recently the media and the punditry have been pumping gas into a specious bubble.  We show here the graphic they are using to gain attention and incite fear and confusion into investors.  They are saying that the behavior of the market at present is analgous to that of the market in 1929.  Ohhh–scary.

1929 anlogue

 

(From Mark Hulbert Marketwatch)

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Market thumbs nose at 1929 analogue…bp rises…

Posted on Feb 14, 2014 by .

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0214spx

 

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=9&dy=0&id=p83750808625&a=214966864

The present price wave has created a new Basing Point as illustrated, and the trendline from nov12 (2) has dropped down to anchor on that Basing Point.  The rising Basing Point has created a new stop at 1633.94.    This is fairly consequential.  The old new high stop remains where it is– not a quantitative decision.  It is still probably too tight, but we would take it  rather as a storm warning rather than a dominant stop.

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