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Always, every time and without exception, the general media has predicted the end of the financial world, financial experts have pointed out the remarkable differences from the last correction, and investors everywhere have been encouraged to take their losses and sit on cash or gold until the smoke clears. Every time, the short sighted fear mongers have been wrong.
Many traders and investors are wondering if the the current European Union debt crisis is now the next Lehman Brothers type event for the global markets. Last week, the highly followed Dow Jones Industrial Average (DJIA) declined lower by 17.5 percent to 10,604.07 on August 9, 2011 from the May 2, 2011 high which was 12876.00 on the DJIA. Since the 10,604.07 low on the DJIA the highly...
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Pan American Metals of Miami says Gold Still Worth Buying Analysts see gold continuing to go higher
If you read the past two weekly market reports you will have noticed that we featured extended stocks and their near term resistance areas. These reports included very good stock resistance levels for pullbacks. You can view the last free Weekly Market Report here, and the previous report here.
Historically, the “Optimal Momentum” concept of buying the best performing asset class out of a basket of loosely correlated asset class’s has annualized a return of 17.2% since 1977 with a maximum monthly drawdown of -25%. As a comparison the S&P has only annualized a return of 8% with a maximum monthly drawdown of -52.5%.
Gold looks like its ready for a decline here. There is a bearish divergence between gold stocks and the commodity , typically stocks lead the commodity. The gold stocks ala index HUI are giving us an early warning signal with a break in the uptrend line on April 11th and a series of lower highs and lower lows after the break of uptrend.