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Monday, May 13, 2013

Daily update 5/13

Odd day.  We started out with SPX, TLT, and GLD all down together.  A flight from everything, LOL.  We ended the day rather mixed with some indexes up and some down.  Here is the daily SPX chart.

SPX still appears to be struggling with the upper channel line.  It actually made a slight new closing high, but NYSE breadth was 61% negative.  New highs dropped down under 300, but still well above the 200 warning level.  SPX is very extended and now looks tired to me.  That seems like a combination for a pullback to the 18 SMA area.

The currency and GLD moves I have been talking about the last two days continued today.   I still don't know if that is something important that could affect stocks or not.  Market moves without any discernible news tend to be significant.  Here is the daily dollar index chart.

DXY is trying to break out to the upside.  Will it succeed?  A rising dollar has been negative for gold and stocks at times.  Not so far this year for stocks though.  A big move up would have noticeable negative affects on corporate revenue.

SPX is still extended and still struggling with the upper channel trend line.   We have had a long string of positive Tuesdays.  Is it time for the string to break, or will we push higher? 

Chart has been updated with COG the stock tonight.


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