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UPDATE 06/10/07
STOCKS:
I
have been looking for a correction to be followed by
another move to new all time highs to complete the
advance from March. So far, the pullbacks since
March have been shallow and have only lasted a few
days.
The
current pullback has lasted 4 days. It is still too
early to say if the top has been made for the year,
but a move back below 13,250 would increase the
odds.
The
April 28th update indicated three
possible targets for the eventual high with 13,715
being the highest. The Dow has reached 13,690 so
far.
The
technical indicators are mixed. There are 2 notable
cycles due in the fourth quarter that will produce a
significant decline at some point.
BONDS:
Bonds continue to get hammered despite huge long
positions by the commercial accounts. There isn’t
anything new to add until the September contract can
move back over 110.
GOLD:
So
much for the bullish tone to this market. After
coming to life the previous week, all gains were
erased last week as heavy selling hit the market.
The
positive development was the fact that the XAU
managed to close up on Friday despite the big loss
in the gold futures.
This
could be a good sign for the coming week.
As
long as the March lows in the XAU can hold, there is
a chance for one more major advance this year.
Regards and Good Luck,
Jay
Sanderson
TimingStock.com
To
see Jay's past Market Commentary and other products,
please click here
www.reliablestockcycles.com
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Commentary Archives
Long term cycle is bullish -
1/06/07
Next Cycle Low is due In March
-1/27/07
Market still positive -
2/05/07 | 
