UPDATE - Stock Market approaches last line of support

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Precious Metals Blog

Tuesday, July 07, 2009

UPDATE - Stock Market approaches last line of support

The Dow Jones is now either a major buy or about to fall back into the abyss, currently trading at 8,189 according to my analysis. If the Dow Jones Industrials close the week below the 8,000 level we will rapidly retest the lows reached earlier in the year.

My key benchmark for buy and sell signals is the purer and far more reliable S&P 500 currently trading at 884 becomes a major sell on a weekly close below 860.

Note that today Gold moved up with the dollar this appears to be traders preparing for a major downslide, the dollar will temporarily gain on a stock market crash because traders are liquidating stocks and moving to dollars creating demand. As I have said many times in the past I liken this to jumping out of the frying pan directly into the fire. Gold has no debts or liabilities unlike stocks, bonds and fiat currencies like the dollar.

Good luck and God Bless.

JMC

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