Adam and Jeremy are back with another episode of MarketClub TV tomorrow at 1pm EST. That's right, 1pm for a special edition.
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The S&P 500 has been going pretty much exactly according to Adam's script. However, Monday's and Tuesday's sharp early declines have been followed, intraday, by strong steady retracements of about half those dips. (and there had been a pretty good up move much of the prior week.) How do you interpret those bounce backs? If there had been no news such as Apple's poor earnings, would you have expected Wednesday to have been negative anyway, per the major trend, or would those bounce back s have been suggesting a (short) counter trend up move?
The market has been essentially straight down with gap down openings since last Thurs-Friday evening star formation basis the SPY. A second straight daily close below the trend line at SPY 134 tomorrow should set the stage for further declines. But what about gold? Is there a cyclic low due on or about 7/26? Seasonally it tends to start going up at this time of year. However, margin selling in the stock market could trigger selling in the metals. If it breaks 1425, I am thinking 1380-1400. I am interested in your thoughts.
How would you play the stock market going into the FOMC meeting and the 8/1/12 announcement? I am thinking that may be the occasion for a pause or an oversold bounce, but then it would be anyone's guess IF they do some kind of stimulus. Also,what are you seeing in terms of deflation with the CRB and Copper selling off again (though food inflation is with us as well)? And, lastly, is there a market, the dollar perhaps, on which one can key off with respect to playing the others from a timing standpoint?
With AAPL showing strong buy in all time frames current market pull back is based on a small negetive number in what is a phenominal earning in a very difficult environment. Long awited iPhone5 and iOS6 release and pending opeing of botchedup CHINA stores debut, is it not time bet your house on buying AAPL staging a strong rally based on Trade Triangle technology and time projection forecasts? They have the best balance sheet in the industry and strong Fundamentals? what are more an inveatsor or a trader want?
Appreciation Note:
In my last few week of Free review of your amazing presentation and very accurate predictions, I am now convinced to try it. Thanks to Mr Adam Hewison for his generosity in continuing with sending free letters and market blogs.
Thanks & Regards
Jayaram Iyengar
Goldman Sachs is real cheap at this level. Gonna drink a lot of blood from those streets.