Friday’s pin action took the S&P to 1173, just above the 1172 support but still well above the rising lower boundary of the short term up trend (1134) and the ‘alternative’ bottom of 1101. Let’s see how stocks handle 1172 support. Friday may have started a sell off that we want to use to add to our stock positions; I just want to be careful around support levels.
As you know, I had serious doubts that gold could hold the lower boundary of its short term up trend. But it did and bounced with a vengeance. Luckily, our Portfolios bought most of the shares back that they had previously sold. It now looks like the price could break through the upper boundary of its intermediate term up trend. I likely won’t test my luck again by trying to trade it near that boundary.
http://www.zerohedge.com/news/guest-post-immediate-effectEconomics
This Week’s Data
Other
More on money supply growth and what it all means (medium):
http://scottgrannis.blogspot.com/2011/09/money-supply-growth-update-its-all.html
Politics
Domestic
International
One more thing to watch this week (short):
http://www.zerohedge.com/news/open-europe-briefing-what-german-constitutional-court-ruling-will-mean-eurozone-crisis
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