S&P At The 50 Day Moving Average
The S&P has taken out it's 15 day moving average which has provided support for this market since March. The S&P closed right on its 50 day moving average on an increase in volume. In fact, the last 3 days we have seen volume increase as the market moved lower.
We may see a bounce off the 50 day average based on some short covering going into the weekend and I'm sure some bulls will step in and buy a few things , but I am a seller on rallies. I am not looking to buy this market at all.
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3 comments:
Kevin - you are bearish on the S&P and yet you are (were prehaps?) bullish on silver. This is surely a contradiction as selloffs on the S&P are positively correlated with selloffs of silver? Maybe you could elucidate further?
I'm still bullish on silver...Stocks and metals don't always trend together. For example from April 16th to May 16th stocks went straight up while silver moved lower.
If you are correct that silver and stocks trend together then I view being long silver as a hedge against my shorts in the stock market.
Kevin,
What do you make of the wild swings in SLV yesterday? Seemed like someone was throwing cash around...
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