Tim Ord | Jul 07, 2013 05:36AM ET
The SPY is into the gap resistance level created June 20 between 161 to 162.5 range. We were looking for resistance in this range and volume has dropped off showing energy has decreased. However the McClellan Oscillator is staying above “0” level closing today near +30. If the McClellan Oscillator had closed below “0” we would have considered a short SPX position as that condition would have turned down the McClellan Summation index. A declining McClellan Summation index appears in downtrend markets. Market that pushes higher into holidays have a bearish outcome in that volume drops as the holiday nears and light volume rallies usually have a bearish outcome. In general we are expecting a consolidation phase that could last into September. For now we will keep our powder dry.
For now we are being patient. Long NG at 5.14 on 10/8/12. Long GDX 58.65 on 12/6/11. Sold SLV at 30.24 on 12/16/12 = gain 2.6%; Long SLV at 29.48 on 10/20/11. Long GDXJ average 29.75 on 4/27/12. Long GLD at 173.59 on 9/21/11. Long BRD at 1.67 on 8/3/11. Long YNGFF .44 on 7/6/11. Long EGI at 2.16, on 6/30/11. Long GLD at 147.14 on 6/29/11; stop 170 hit = gain 15.5% . Long KBX at 1.13 on 11/9/10. Long LODE at 2.85 on 1/21/11. Long UEXCF at 2.07 on 1/5/11. We will hold as our core position in AUQ, CDE and KGC because in the longer term view these issues will head much higher. Holding CDE (average long at 27.7. Long cryxf at 1.82 on 2/5/08. KGC long at 6.07. Long AUQ average of 8.25.
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