Market Makes Move Above 200 Day on Higher Volume

By: Jeb Handwerger | Tue, Jun 15, 2010
Print Email

Today the major indices made an important move to regain the 200 day moving average and clear resistance on higher volume. After making 2 previous attempts to cross the 200 day the markets are appearing to have made a successful double bottom. The double bottom pattern would be more confirmed if the volume on today's breakout was above average. Nevertheless, it was higher than the previous day which means the bulls have won the short term battle and are in charge.

DJIA Daily

Also the Dow made a double top breakout on the point and figure and a break of a trend line.

SPDR Point and Figure

Many leading stocks are showing bearish signal reversals on today's rally which means it may have legs especially aerospace and defense stocks as the Middle Eastern Situation between Iran and Israel intensifies. Any short positions need to be covered and additional buy recommendations will be coming shortly.

The rally was good for gold today and I expect a breakout to new highs shortly. Gold is making an ascending triangle and I expect a breakout to new highs in the short term. $122.50 would be the next breakout with a measured move expected to $137.5.

GOLD Daily

 


 

Jeb Handwerger

Author: Jeb Handwerger

Jeb Handwerger
http://goldstocktrades.com

Jeb Handwerger

I started reading charts at eleven years old. One day my father, a market trader and technician found his library of books on technical analysis mysteriously disappearing. He later found the textbooks under my bed. For many years day and night I studied technical analysis and charting, working and learning from my father who has over 50 years of trading experience. Technical analysis is my passion and love.

In 2001, I started noticing the junior mining stocks and gold as having a tremendous upside. For the past 9 years I have researched many juniors and have identified the major winners using technical analysis and finding top management.

I earned a Bachelors Degree in Mathematics and a Masters Degree. I learned most of my technical analysis from the school of hard knocks, managing real money for myself and for my family.

Constantly perfecting my craft, I have traded for two decades of success in many different markets. I have been asked to post ideas to some of my students who have taken my course in charting and technical analysis. I have made an excellent living trading stocks for myself.

We are offering ideas for your consideration and education. We are not offering financial advice. None of our content is provided to invite or encourage any person to make any kind of investment decision. We are not financial advisors. We advise you to consult with a professional financial and investment advisor before relying on any content.

We are sharing our ideas for educational and informational purposes only. You must do your own due diligence and are responsible for your own investments.

Companies that are followed in our premium service may become sponsors on Gold Stock Trades and/or our free or affiliate websites to distribute press releases or corporate updates for a monthly fee on our free website. From time to time, Gold Stock Trades and its directors, officers, employees or members of their families, as well as persons interviewed for articles on the site, may have a long or short position in securities mentioned and may make purchases and/or sales of those securities in the open market or otherwise. Please see our list of current sponsors and featured companies for any potential conflicts of interest.

Some information in our content can be construed as forward-looking statements. Forward looking statements are uncertain and actual results may differ from our expectations. We seek safe harbor.

By reading this disclaimer you will not hold responsible any person associated with http://goldstocktrades.com responsible for any losses that may occur from trading based on this information. If you do not agree with the terms of our disclaimer, do not access our website or content, and unsubscribe if you are already a member.

Sign up for my free newsletter where I will post my "up to the minute" ideas and analysis of the markets. Comment and ask questions as we are all learning and growing. Empower yourself and learn how to anticipate opportunities.

All material on my newsletter and blog is copyrighted.

Please contact us here with any questions, comments or interviews.

Copyright © 2010-2014 Jeb Handwerger

 

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com

SEARCH





TRUE MONEY SUPPLY

Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/