Good, But Not Great Market Action

Another great week for stocks. Just superb action as the bull market continues.

The metals have been acting pretty strong as well. However, they did show weakness into the end of the week, which suggests to me more time and basing action is needed. Nonetheless, there are easier ways to make money, and more of it, than trading metals equities right now.

Gold did close the week out with a 1.24% gain. I’m not sure if we’re moving lower near $1,200 to put in a lower high, which would be another notch in the trend, or if we will see a longer basing period.

Miners are acting weaker for the most part…so it’s really quite a mixed message in the metals for now.

There are many place to find easy money right now - and I don’t see the precious metals as that place for now at least.

Silver gained 2.60% this past week - and is now wrestling with the 200-day average. Let’s see if we can best the $18 area and hold it a few days.

While this isn’t a super bullish breakout type of chart, it is coming off lows quite well.

Platinum rose 0.50% but was rejected hard on its attempt to move above the 200-day moving average. Is this a prelude to the action coming in silver? Only time will tell.

For now, under the 21-day moving average is bad, while above the 200-day is good.

Palladium rose 4.55% and won the week in the metals’ arena. Not bad action at all with the next resistance level coming in at $800 and support at $770.

So, staying with the trend in leading sectors and stocks is my mojo now, as always. However, metals are not that sector right now.

********

I hope you have an excellent weekend and you can find out more about my specific stock picks at http://wizzentrading.com/?page_id=7363

In my free, nearly weekly newsletter I include many links and charts which cannot always be viewed through sites which publish my work.  If you are having difficulties viewing them please sign up in the right margin for free at www.wizzentrading.com or send an email to [email protected] with “subscribe” as the subject and receive the newsletter directly in your inbox, links and all.  If you would like to subscribe and see what my portfolio consists of please see here.

If you found this information useful, or informative please pass it on to your friends or family. 

Free Service

The free weekly newsletter “Wizzen Trading” does not purport to be a financial recommendation service, nor do we profess to be a professional advisement service.  Any action taken as a result of reading “Wizzen Trading” is solely the responsibility of the reader.  We recommend seeking professional financial advice and performing your own due diligence before acting on any information received through “Wizzen Trading”.