Market Analysis 02/15/2010
This will be brief. The markets are at a bit of a cross roads and are somewhat more likely to move higher over the coming few days than to decline absent any new apocalyptic news from Greece. Markets still look very weak and any renewed strength in the dollar could initiate a sharp sell-off but the near term picture looks like a short covering rally, perhaps tepid, is the more likely immediate scenario.
We covered our shorts Friday and will play select longs if we see continued strength (or absence of weakness). We like gold if a breakout is achieved and volume on the main ETFs confirms the move. recognize though, this may be a short term move that could be snuffed out by currency moves.
Below are charts for USD (long and short term), gold, NYSE Composite, and Nasdaq Composite.
USD Long Term 02/15/2010
USD Short Term 02/12/2010
Gold 02/12/2010
NYSE 02/12/2010
Nasdaq Composite 02/12/2010
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