Sunday, July 24, 2011

Friday 07/22: Running into resistance soon

Markets consolidated after Thursday's run up. Except for Nasdaq, tech just keeps going.
Most indices are getting close to resistance, we'll soon see some basing imho. The charts look very healthy, weekly charts looking great as well. The only thing missing here, is some decent volume. But that didn't stop us the last year or so. Unless after QE2, everything will be different. Future will tell...

Gold and silver weren't moving much either, but are still close to recent highs. Just like oil, which wants 100.
In the meantime, there's no stopping the euro. God knows why, the eurozone seems far from saved. But dollar weakness is totaly understandable, with the US having their own debt crisis / default thing going on.

Interesting to see what next week will bring us. But despite all the negativity, earnings season might bring us to new highs.

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