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March 31, 2009

Market Brief

Well, that didn't miss by much. Yesterday's postulation was for a retracement to roughly SPX 815 followed by a final leg down for this correction to about SPX 765. Today's session rallied steadily to just over SPX 810 before turning lower into the close. We missed the target by less than five handles.

stock index chart

stock index chart

Both gold and silver lingered today, putting in spinning sessions:

gold chart

silver chart

I have a suspicion and end to the narrow range days is nigh. I just don't have a strong feel for which way the break will go. My bias is higher since mining shares have held together very well, and platinum is still holding above the February high. I will follow break higher by adding to my silver futures, but will take no action on a break lower just yet.


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