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UPDATE 07/14
STOCKS:
The
DJIA finally broke out of the trading range above
13,675 last week turning the short term outlook to
positive. It will be important for the market to
stay above the previous resistance level mentioned
above if the rally is to continue. Upside target is
now 14,150.
There will be several major earnings releases next
week which could provide some volatility.
2007
could be a key year for a major decline based on
anniversary dates. For example, the declines in
1857, 1907, 1917, 1937, 1957, 1987 and 1997.
I am
bullish above 13,675, neutral below and bearish
below 13,250.
BONDS:
September bonds didn’t do much last week and are in
the middle of a short term trading range between 106
and 108.
A
move back above 108 is needed to turn things more
bullish, while a move back under 106 will lead to a
retest of the previous lows under 105.
GOLD:
The
XAU is currently breaking out of a long triangle
formation and should lead the gold prices higher
this quarter.
The
XAU is up 16% from the 131 low 2 weeks ago, while
August gold is up only 4.5%.
My
upside target for the XAU is 185 this year. August
gold should rally to new highs above $ 750.
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 | 
