Consolidation In Most Markets

Stocks continue to look and act great with leading stocks leading, as they do. Consequently, they are mostly the ones I’m focused on.

Markets have a few hurdles overhead so we are not into clear breakout territory yet but we are getting closer. From my seat, we are still in a strong bull market.

The metals are finding some support but the dominant trend remains lower quite obviously.

Gold lost 0.62% this past week after bouncing off $1,060. Gold looks to be setting up a trading range between $1,060 and $1,080 now which should take us lower in the next week or so.

The move above $1,080 Thursday couldn’t hold so the major trend is asserting itself.

I know many people got excited on the move above the very significant pivot level of $1,080, but that was short-lived.

It remains much easier on the head to trade leading stocks, so that’s what I do.

Silver lost 0.60% this past week and is also setting up a trading range before most likely moving lower still. The range trade looks to be between $14 and $14.25 but $14.50 may be the upside of the range, I am just not sure yet. The trade, if you choose to accept it, remains shorting on strength.

Platinum lost 0.66% this past week and is consolidating after a large drop the week prior. Platinum really needs some consolidation and is getting it now. The low end of this new range is $850 and so far the upper end is $875 but that may be stretched to $900.

Palladium gained a nice 4.06% this past week after losing 13% the week prior. This stair stepping two steps backwards, one step forward is perfectly normal in a bear market.

Palladium is also setting up a range trade now with support at $520 -- and resistance coming in at $560, and potentially even $600.

Generally, there is great action in the metals for shorting…and great action in stocks for going long.

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