The safe haven play was the place to be today. Bonds jumped as stocks sold
off. The long bond is approaching a key resistance zone of $123-125. It's
something that needs to be watched as the bond market has been leading moves
in the stock market.
The Gold market also benefitted from the safe haven move. The gold market
has grinded higher out of an inverse head and shoulders pattern, and on the
verge of testing its 2009 high.
Gold performed well today, but silver did not. That's not exactly a
bullish sign for the economy. The gold market has a target price of roughly
$1,250 based on the inverses head and shoulder pattern. If so, I can image
that comes on the back of eventually more stock correction behavior, as the
safe haven move continues.
J.D. Rosendahl is not a registered advisor and does not
give investment advice. His comments are an expression of opinion only and
should not be construed in any manner whatsoever as recommendations to buy
or sell a stock, option, future, bond, commodity or any other financial instrument
at any time. While he believes his statements to be true, they always depend
on the reliability of his own credible sources. Of course, we recommend that
you consult with a qualified investment advisor, one licensed by appropriate
regulatory agencies in your legal jurisdiction, before making any investment
decisions, and barring that, we encourage you confirm the facts on your own
before making important investment commitments.
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