Thanksgiving Day Nov 28 2013

Ramki suggests a short term rally in GLD.  Maybe but short term is the operative word here. 

Society General cites the Profit Cycle as a precursor to a downturn.

 

Here is the link to the latest from Tom McClellan via Tom DeMark. I will repeat the graph below comparing today  with the run up to the top in 1929. This posits a top in mid January. Read the article as McClellan notes there are differences in the trading days now and then. So one has to adjust for a day to day comparison. 

If you have not read the articles we psoted earlier this week from Comstock and Hussman, this would be a  good time to go back and do so. While analogies to earlier periods do not always work out the evidence is becoming more and more compelling. 

An alert reader notes this quote from Investor Intelligence. 

Bears now at 14.4,  lowest level since 1987 and over 40 point spread between bulls and bears. 

We hold shares of EEP, here is the latest from Enbridge.

Crude Oil

The previous support level from earlier this year is now acting as resistance. While Wednesday was no doubt a low volume trading day, still

this was a 1.22% drop to a new low

WTIC is about to experience a crossover of the 50 and 200 day MA to the downside

this is occurring during a snowstorm in the Northeast

Sanctions have been lifted on Iranian oil, never mind all the articles I am reading that it will take months for this to matter

I seem to be the only person in the State of Texas who thinks oil might be in danger of falling apart. It is right back to the long term 200 week MA. We noted the high correlation to gold, this bears watching. 

Happy holidays to all. Thanks for reading The Market Perspective.