Thursday, December 9, 2010

Little action, low volume

I expected more from bears today after yesterday reversal but it didn't happen. SPX swung 10 points and closed 4 points above yesterday close and 2-3 points above November 8th high. It's good that market managed a higher high but it needs more than 3 points to make a real higher high. Market remains bullish on all time frames. Notice that price is above both EMAs and DMI is green even on hourly chart despite yesterday afternoon plunge.

Gold and silver went down today probably due to nervous gold bugs that took some profit off the table not because of the dollar that was flat today. They are both extremely bullish on longer time frames, especially silver.

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