Thursday July 18 2013
Stocks and oil appear to be toppy for the time being.
90.6% of SPX stocks are over their 200 day moving average. But the Summation Index argues stocks are not done yet.
We are still thinking stocks are up into August.
Crude oil
Crude Oil looks done for now. It may well be entering a final parabolic push to new highs early this net year.
Bonds
Ben Bernanke cannot seem to make up his mind on buying bonds, the latest is that tapering off wil wait until later this year. I think if stocks pull back a bit we might see more upside for TLT here.Neither TBF nor TLT has really changed trend here yet.
GLD
The trend has not turned up for GLD, we continue to look for an October low. 130 looks to be resistance.
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