While most economists and governments are focusing on the looming disaster known as Greece, the markets have been going their merry way and yesterday was no exception. Both the S&P 500 and the NASDAQ flashed important buy signals and appear to want to move higher. What was particularly impressive yesterday was the fact that the NASDAQ made a new high with the move. Should the NASDAQ close above 5,092.04, that would represent a new weekly high close for this index. The S&P 500 must close over 2,126.06 to record a new high weekly closing record price. With the current mood of the market right now, I expect this to happen unless there is some extraordinary news that comes out that nobody can foresee at this moment. This will be a great weekend to take advantage of the "52-week highs on a Friday rules". New highs are outnumbering new lows by 3 to 1, indicating that the investors are still very confident about equity prices. The only laggard in the triad is the Dow. This index only represents a microcosm of all stocks traded, but is still viewed as a viable and important index. A move over 18,230 today will push the Dow in the plus column and turn all of the Trade Triangles green and positive. Also, what is interesting and on the horizon is gold. A move over $1,210 will turn the weekly Trade Triangle green indicating a buy signal for this precious metal. Looking at crude oil, a close today in the July contract at $60.54 or higher will represent the highest weekly close in this market since last November. It's only about a dollar away from there, so I would keep an eye on that market as well. Lastly, what is up with the euro? Wasn't the Euro supposed to collapse along with Greece? So often when you see a market become totally enamored with one side of the trade, the opposite occurs. To a certain extent, this is what happened to the euro when traders piled into the short side of this trade and forced the euro to make its lows in March this year. Here's the amazing thing, if the euro were to close above 1.1449 today that would be the highest weekly close in six months. All eyes will be on Greece this weekend and, of course, the line in the sand meeting on Monday, if it is not postponed yet again. I'm not sure who is kicking the can down the road, but that can is getting pretty beat up! Next week promises to be an exciting week for equities, I see many trading opportunities on the horizon so stay tuned.
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