Keystone's trading algorithm, Keybot the Quant, flips bearish today at SPX 1691. Copper remains weak but the bulls are already trying to push JJC back to 39.00. GTX is 4813 so the bears need this under 4795 to breathe easy about the downside. Stay alert for a whipsaw back to the long side today or tomorrow. Watch JJC 39.00 since that would indicate a whipsaw is in play. Keybot's site provides more information;
Keybot the Quant
Ks, what do you think about TLT, if market tanks, will bonds take off. I know you have already stated, TLT is a buy around 102
ReplyDeleteTLT is a tricky trade. The daily chart wants to see some upside but the weekly chart remains challenged. The 200-week MA is 102. The 20-day MA is 107.40. It may run up to 107.40 over next couple days but then come back down again to 102-105 to create a better base, then move sideways to sideways up from there. It still appears to be one best for watching a while longer and see how it shapes up. The thought is that yields should pull back down again and stay flat with a bias lower for the months ahead.
DeleteThe 10-year auction was 1 PM. Yield was 2.63 and 2.64% this morning, now 2.60% and 2.61% so higher prices, lower yields, more of a move to the disinflationary and deflationary side again. And note utilities as a top performer in the down tape today since yields are dropping.
Deletepossible intermediate bond bottom right here and now...
ReplyDeletehttp://stockcharts.com/h-sc/ui?s=IEF&p=D&yr=1&mn=0&dy=0&id=p94844992435&a=302765783&listNum=4
KS,
ReplyDeleteAre you still constructive on the gold mining stocks like NEM, IAG, and GDX?
thanks,
TW
Yes, it takes a lot of patience moving forward but the miners are one of the few truly beaten down sectors that are basing and recovering. There may be lots of sideways for a while but the miners should continue along sideways to sideways up for the weeks and months ahead.
Deletethanks, KS!
ReplyDeleteTW