Congratulations Gold
The market had another seesaw type of day. The indices
gapped higher, quickly reversed, and then trade sideways the remainder of
Friday's session. In the SPX, 1115 held as bullish support and 1130 kept the
buyers from running the market higher. Volume was high and oil declined
again. The market and oil have moved in the opposite direction this week,
which is a concern going into the next week. We remain cautious bulls.
Congratulations Gold.
The price of the yellow rock reached a new high this week of $1,279. Be it
fear, greed or safety, gold prices increased again. In my
TradeMaster Daily Stock Alerts' service, I discuss the
movement of gold often. The chart we have followed is shown below, and has
provided members with healthy gains this quarter.
The metal broke out of a perfect wedge pattern in 2009 and
rallied higher. Then in November, prices topped and consolidated in a flag
formation. We took a bullish stance on gold in March as it broke out of the
flag. My educational series reviews how to play a bull flag pattern. The
video is free and can be watched here.
After the break from the bull flag we slapped a $1,500 price target on gold.
The ride has not been steady, but price has moved higher. The trend in gold
shows no sign of slowing down.
Watch List
The TradeMaster Daily Stock Alerts' watch list was higher
today, much like the market.
Leading the way higher were Looksmart (Nasdaq: LOOK) Medicines (Nasdaq: MDCO)
and Expedia (Nasdaq: EXPE).
Send comments anytime editor@trademasterstocks.com
