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June 22, 2009 / Jeb

Major Market Indexes Look Bearish!

UXG

GDX (Gold Miner ETF) broke below its 50 day moving average on good volume which is a sign of weakness.  The World Bank came out with global forecasts which predicted slower growth which hit energy and precious metal stocks.  I was concerned that there was no support at the previous breakout and the 50 day.  The next stop is the trendline at 33.75.  Be careful as our other stocks may hit our stop losses soon.

The major market indexes are now turning over and it may be a good time to look at some inverse etf’s such as DOG and SH.  I was very skeptical of this rally and have always considered this a bear market rally.  The indexes look quite toppy as the DOW broke through a bearish flag.

UXG

Be careful and keep your stop losses close as I believe we can test lows from March.

UXG

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One Comment

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  1. Tuni Singh / Jun 22 2009 9:35 pm

    I totally agree with you. I am looking at going long SKF as financials look weak.

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