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Since its Dec 5 high at 5.95, BAC has been in a bullish coil pattern that argues for upside continuation. Next up: Confrontation with BAC's six-month down trendline, now at 6.13. A hurdle of this level should trigger upside continuation and acceleration towards 7.00.
Originally published on MPTrader.com.
General Mills (GIS) appears ready to break key resistance and its all-time high in the 40 1/4 area. The stock has been consolidating in the 38-40 area for the last 2 1/2 months, and closed Friday at 39.96. A move to 40.30, our buy stop entry price, would confirm the breakout for a move to the 40.94-41.28 target range.
Originally published on TraderHR.com.
Originally published on TheTechTrader.com.
In the aftermath of the Fed-led USD injection into the global financial system earlier today, all eyes should be on spot gold prices because a world awash in liquidity just became more awash in liquidity. If nothing else this should drive more flight to safety flow into the precious metals as a hedge against either a forthcoming bout of serious inflation or failure of the central banks to stem an apparently exacerbated credit (deflationary) squeeze.
Our cycle work in the S&P 500 indicates that we are near the timeframe for the establishment of a small cycle low due on November 30 (+/- 2 days). A small cycle is 20-25 days, and lies within the larger, overriding cycle of 70-75 days. Accordingly, we find that the S&P 500 on Monday and last Friday hit a corrective low at 1158.67/66, and since then has pivoted to the upside into Tuesday's high at 1203.67 (so far).
