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If for some reason you were to join me in my car, going about my daily errands around Palo Alto, we would in all likelihood pass the intersection of Alma and Charleston, and you might ask me who this guard was at the railroad tracks and why he was there:
Excerpted from this week’s Notes From the Rabbit Hole (NFTRH 327), a 35 page report covering economic data and indicators, US and global stock markets, commodities and clear technical and macro fundamental parameters on gold, silver and the miners…
Canary’s Alive & Well
This week we will cover the ECB QE action, Euro, USD and their implications for global trade. We’ll also update a still-intact rally in gold, silver and the miners along with some (NFTRH+) trade opportunities. But first let’s review December’s Semiconductor Equipment sector Book-to-Bill ratio, just out on Friday evening and discuss some of the dynamics in play with respect to the ‘b2b’ and the US economy.
The greek vote was convincingly won by Syriza last night and they are forming a coalition government with a mandate to try to renegotiate the terms of their debt relief package while remaining within the Euro. The news sent ES down hard but that decline has melted away overnight. Was that decline significant?
Looking at the ES chart it’s hard to see that the overnight action was obviously bearish. The rising wedge from the low last week broke down and retraced 38.2%, which is routine in an ongoing uptrend, and the low retested broken falling wedge resistance, which leans bullish. we might see something more bearish happen today, but as it is this chart looks like a long opportunity rather than a short opportunity. ES 60min chart: