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GOLD AND SILVER EXPERIENCE PROFIT-TAKING BUT TREND REMAINS UP -- DOW AND S&P 500 CLEAR 50-DAY AVERAGES -- FOREIGN STOCKS SHOW IMPROVEMENT AS WELL -- VANGUARD ALL-WORLD EX-US ETF OFFERS BETTER FOREIGN DIVERSIFICATION THAN EAFE

by John Murphy,

Chief Technical Analyst, StockCharts.com

GOLD CLOSES LOWER... My earlier message showed the Gold Trust (GLD) trading at a new record high. By day's end, however, both gold and silver experienced profit-taking. Chart 1 shows GLD closing lower on rising volume (silver did the same). Chart 2 shows the Market Vectors Gold Miners...   READ MORE 

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GOLD FOLLOWS SILVER TO NEW HIGHS -- SILVER STOCKS STILL LEADING GOLD STOCKS HIGHER -- SILVER STANDARD RESOURCES NEARS BREAKOUT -- GOLD MINERS ETF CHALLENGES MARCH HIGH -- A NUMBER OF GOLD STOCKS HAVE HIT NEW HIGHS INCLUDING GAMMON GOLD

by John Murphy,

Chief Technical Analyst, StockCharts.com

GOLD HITS RECORD HIGH... Gold prices are hitting a new record today as shown in Chart 1. That shouldn't come as a surprise to readers of our increasingly bullish commentaries on precious metals over the last month. The line above Chart 1 shows silver prices having already risen...   READ MORE 

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GOLD ETF SURGES TO RESISTANCE -- GOLD MINERS PLAY CATCH-UP -- HOMEBUILDERS ADVANCE IN THE FACE OF BAD NEWS -- S&P 500 HITS RESISTANCE AT BROKEN SUPPORT -- COMPARING SPX AND SPY CANDLESTICKS

by John Murphy,

Chief Technical Analyst, StockCharts.com

GOLD ETF SURGES TO RESISTANCE... Link for todays video. With a surge above 140, the Gold SPDR (GLD) is challenging resistance from its March highs and the ETF is poised to hit a new all time high. Chart 1 shows the Gold SPDR advancing 3% the last six days. The...   READ MORE 

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BRITISH POUND HITS NEW HIGH VERSUS THE DOLLAR -- THE EURO MAY BE NEXT -- CANADIAN ISHARES OFFER GOOD WAY TO PLAY THE FALLING DOLLAR AND RISING COMMODITIES -- COAL STOCKS ARE ANOTHER GOOD WAY -- RAILS RIDE COAL HIGHER LED BY CSX

by John Murphy,

Chief Technical Analyst, StockCharts.com

RISING INFLATION PUSHES POUND HIGHER... The latest British CPI report came in much higher than expected and increased pressure for a British rate boost. That pushed the British Pound to the highest level against the U.S. Dollar in more than a year (Chart 1). The Euro may be next....   READ MORE 

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SMALL-CAPS LEAD BROAD BOUNCE -- FINANCE SECTOR LAGS OTHER SECTORS -- CITIGROUP DECLINES AFTER REVERSE SPLIT ANNOUNCEMENT -- SEMICONDUCTOR HOLDRS BOUNCE OFF SUPPORT -- INTEL FIRMS AFTER BREAKING JANUARY LOW

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL-CAPS LEAD BROAD BOUNCE... Link for todays video. Stocks moved broadly higher on Monday with small-caps leading the way. The major index ETFs were up 1.5% or more on the day. All nine sector SPDRs moved higher with energy and materials leading the charge. Chart 1 shows the Russell...   READ MORE 

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CURRENCY INTERVENTION PUSHES YEN SHARPLY LOWER -- EURO CHALLENGES 2010 HIGHS -- GOLD SURGES AS DOLLAR AND YEN TUMBLE -- PERCENT OF SPX STOCKS ABOVE 50-DAY SMA PLUNGES BELOW 50% -- %ABOVE 200-DAY SMA REMAINS ABOVE 70%

by John Murphy,

Chief Technical Analyst, StockCharts.com

CURRENCY INTERVENTION PUSHES YEN SHARPLY LOWER... Link for todays video. For the first time since propping up the Euro in 2000, the G-7 intervened in the currency markets to push the Yen lower. So far it is working. The Yen surged because many Japanese companies are expected to repatriate money...   READ MORE 

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DOLLAR WEAKNESS GIVES BOOST TO COMMODITIES AND THEIR SHARES -- GDX RETESTS 200-DAY LINE -- HIGH YIELD BONDS ARE CLOSELY TIED TO STOCKS -- NASDAQ 100 AND S&P 500 ATTEMPT REBOUND FROM CHART SUPPORT AND OVERSOLD LEVELS

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOLLAR INDEX DROPS TO THREE-YEAR LOW... Traders continue to sell the U.S. Dollar. In yesterday's trading, the dollar fell to a 20-year low against the Japanese yen. Today, it's falling against everything else. More importantly, the greenback is breaking important support levels. Chart 1 shows...   READ MORE 

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FINANCE AND TECHNOLOGY LEAD MARKET LOWER -- VOLATILITY INDICES BREAKOUT AS FEAR INCREASES -- COAL ETF BOUNCES OFF SUPPORT -- COMPARING RSI AND THE STOCHASTIC OSCILLATOR -- RATE-OF-CHANGE INDICATOR BECOMES OVERSOLD

by John Murphy,

Chief Technical Analyst, StockCharts.com

FINANCE AND TECHNOLOGY LEAD MARKET LOWER... Link for todays video. Stocks came under selling pressure again on Wednesday. All sectors were down with finance and technology leading the way. Chart 1 shows the Finance SPDR (XLF) breaking the support zone in the 16.25 area with a sharp decline the...   READ MORE 

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GLOBAL STOCKS AND COMMODITIES FALL ON JAPAN FEARS -- THE DOLLAR, YEN, SWISS FRANC, AND US TREASURIES ATTRACT SAFE-HAVEN MONEY -- STAY CALM

by John Murphy,

Chief Technical Analyst, StockCharts.com

JAPAN STOCKS LEAD WORLD LOWER... More shocks coming from Japan continue to unsettle global markets. A 10% plunge in Japanese shares has led other global stock markets lower around the world. Commodity prices are coming under pressure as well. Even precious metals are selling off. Treasury bonds are the day&...   READ MORE 

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QQQQ STALLS NEAR JANUARY-FEBRUARY SUPPORT -- APPLE FORMS TRIANGLE AS AROON PARALLELS LOWER -- DOW TRANSPORTS FORMS BEARISH FLAG -- DOW INDUSTRIALS HAS A DJ VU MOMENT -- NUCLEAR-URANIUM ETF AND CAMECO PLUNGE ON HUGE VOLUME

by John Murphy,

Chief Technical Analyst, StockCharts.com

QQQQ STALLS NEAR JANUARY-FEBRUARY SUPPORT ... Link for todays video. After a three-prong decline from 59 to 56, chart 1 shows the Nasdaq 100 ETF (QQQQ) finding support with a bullish engulfing on Friday and indecision on Monday. Support in the 55.5-56 zone stems from the late January lows and...   READ MORE 

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RETAIL SPDR FORMS PENNANT CONSOLIDATION -- RETAIL HOLDRS STALLS AT SUPPORT -- REVIEWING THE SPX REVERSALS IN 2000 AND 2007 -- SETTING CORRECTION TARGETS FOR THE S&P 500 -- WEAKNESS IN STOCKS WEIGHS ON JUNK BONDS

by John Murphy,

Chief Technical Analyst, StockCharts.com

RETAIL SPDR FORMS PENNANT CONSOLIDATION... Link for todays video. The Commerce Department reported that retail sales increased 1% in February for the eighth straight monthly gain. Not a bad streak at all. On a monthly basis, the Retail SPDR (XRT) has risen 6 of the last 8 months (March excluded)...   READ MORE 

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BREAKING OF 50-DAY AVERAGES SIGNALS MARKET CORRECTION -- WEEKLY CHARTS OF NASDAQ AND S&P 500 POSTED IN FEBRUARY SHOWED THAT BOTH MARKETS HAD REACHED LEVELS WHERE A CORRECTION WAS LIKELY -- DOLLAR BOUNCE PUSHES COMMODITY ASSETS LOWER

by John Murphy,

Chief Technical Analyst, StockCharts.com

LONG-TERM CHARTS SHOWED OVERBOUGHT CONDITION ... Today's sharp selloff in stocks and commodities certainly suggests that the market has entered into a downside correction. The number of 50-day moving averages being broken by most global stocks indexes (including those in the U.S.) has given the first short-term sell...   READ MORE 

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GLOBAL STOCKS AND COMMODITIES SELL OFF -- A LOT OF 50-DAY LINES ARE BEING BROKEN OR TESTED -- BONDS AND THE DOLLAR BOUNCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

FOREIGN STOCKS LEAD THE DECLINE... Stock selling started in foreign markets and is spilling over to the U.S. For the first time in months, a number of 50-day averages are being broken which isn't a good sign. Chart 1 shows Emerging Market iShares (EEM) falling back below...   READ MORE 

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TECHS, INDUSTRIALS AND FINANCE LAG -- TECH SPDR CONSOLIDATES AT SUPPORT -- CONSUMER STAPLES HIT 52-WEEK HIGH -- 20+ YEAR T-BOND ETF FORMS INVERSE HS PATTERN -- 7-10 YEAR T-BOND ETF HOLDS WEDGE BREAK -- 10-YEAR TREASURY YIELD TESTS BREAKOUT

by John Murphy,

Chief Technical Analyst, StockCharts.com

TECHS, INDUSTRIALS AND FINANCE LAG FOR FOUR WEEKS... Link for todays video. The technology, industrials and finance sectors led the market higher to start the year, but these four turned into laggards the last four weeks. The first S&P Sector PerfChart shows the nine sector SPDRs and the...   READ MORE 

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RISING UTILITIES BOOST DIVIDEND ISHARES ---- CHINA LEADS EMERGING MARKETS HIGHER -- STOCK INDEXES BOUNCE AGAIN OFF 50-DAY LINES -- GLOBAL X SILVER MINERS ETF BREAKS OUT -- SILVER STANDARD RESOURCES MAY BE NEXT SILVER STOCK TO DO SO

by John Murphy,

Chief Technical Analyst, StockCharts.com

NEW INTEREST IN DIVIDEND PAYING STOCKS... I wrote a Janury 13 message entitled: "DIVIDEND APPRECIATION ETFS OFFER CONSERVATIVE ENTRY FOR NERVOUS BOND HOLDERS". Two such ETFS that I showed were Vanguard Dividend Appreciation (VIG) and the DJ Dividend Index iShares (DVY). As I explained in that earlier piece,...   READ MORE 

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LARGE-TECHS AND SMALL-CAPS LEAD MARKET LOWER -- FINANCE SHOWS RELATIVE WEAKNESS -- MATERIALS AND STEEL ETFS FORM SMALL BEARISH PATTERNS -- SEMIS AND NETWORKING LEAD TECHS LOWER -- INTEL FAILS AT RESISTANCE AS GOOGLE BREAKS SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

LARGE-TECHS AND SMALL-CAPS LEAD MARKET LOWER... Link for todays video. The Nasdaq 100 ETF (QQQQ) and Russell 2000 ETF (IWM) led the major index ETFs lower on Monday. Chart 1 shows QQQQ meeting resistance from the 22-February gap over the last two weeks. The ETF gapped up and closed above...   READ MORE 

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S&P 500 ELLIOTT WAVE COUNTS -- A BIG IMPULSE WAVE HIGHER -- EXPANDING TRIANGLE TARGETS NEW HIGHS -- THE FIFTH OF THE FIFTH -- SIX MONTH BULLISH CYCLE ENDS IN APRIL -- PRESIDENTIAL CYCLE GOES INVERSE

by John Murphy,

Chief Technical Analyst, StockCharts.com

S&P 500 ELLIOTT WAVE COUNTS - A BIG IMPULSE WAVE HIGHER ... Link for todays video. Even though there is no real change to the Elliott Wave counts put forth on January 21st, a few readers have been asking for an update so now is a good time for...   READ MORE 

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ECB WARNING ABOUT RAISING RATES BOOSTS EURO AND WEAKENS THE DOLLAR -- THAT COULD MAKE INFLATION EVEN WORSE BY PUSHING COMMODITY PRICES HIGHER -- EMERGING MARKETS CONTINUE TO SHOW IMPROVEMENT -- EUROPEAN SHARES TRADE HIGHER

by John Murphy,

Chief Technical Analyst, StockCharts.com

TRICHET SAYS ECB MAY RAISE RATES... The ECB Bank President announced today that a more vigilant stance against inflation is now warranted, and warned that the European central bank may raise rates as early as next month. That pushed the Euro sharply higher and the U.S. Dollar lower. Chart...   READ MORE 

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IMPORTANT SUPPORT COMING INTO PLAY FOR QQQQ -- A BEARISH FAILURE SWING WORKING FOR IWM -- MINUS DIRECTIONAL MOVEMENT SURGES FOR XLF -- TREASURIES HIT RESISTANCE WITH SHARP DECLINE -- LONG-TERM INTEREST RATES BOUNCE OFF SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

IMPORTANT SUPPORT COMING INTO PLAY FOR QQQQ... Link for todays video. With a couple of sharp declines the last two weeks, the Nasdaq 100 ETF (QQQQ) established an important support zone to watch going forward. QQQQ represents the performance of large tech stocks. There are, or course, stocks other than...   READ MORE 

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RISING OIL CAUSES SELLING IN OVERBOUGHT STOCK MARKET AS 50-DAY AVERAGES ARE TESTED AND TRANSPORTS BREAK DOWN -- GOLD ETF HITS RECORD HIGH AS SILVER LEADS IT HIGHER -- - SILVER WHEATON BREAKS OUT

by John Murphy,

Chief Technical Analyst, StockCharts.com

DON'T THE 1970'S QUALIFY AS RECENT HISTORY... After reading the comments by Mr. Bernanke before Congress today, I got to wondering about how much he actually knows about market and economic history. The head of the Fed is generally acknowledged to be an expert on the...   READ MORE 

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HEALTHCARE AND UTILITIES LEAD -- BOMBAY SENSEX TESTS MID-FEBRUARY LOWS -- BOVESPA BOUNCES OFF KEY RETRACEMENT -- PETROBRAS AND VALE FEATURE PROMINENTLY -- HANG SENG SURGES OFF SUPPORT AS SHANGHAI EXTENDS BREAKOUT

by John Murphy,

Chief Technical Analyst, StockCharts.com

HEALTHCARE AND UTILITIES LEAD LACKADAISICAL MARKET... Link for todays video. Sector movements on Monday showed relative strength in two defensive sectors: healthcare and utilities. The third defensive sector, consumer staples, did not lead on Monday, but hit a 52-week high just last week. These three sectors represent goods and services...   READ MORE 

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NEGATIVE CORRELATION HOLDS FOR DOLLAR/GOLD -- GOLD NEARS RANGE RESISTANCE -- AD VOLUME LINES ESTABLISH SUPPORT -- NET NEW HIGHS DIP SHARPLY S&P 500 %ABOVE 50-DAY SMA REMAINS BULLISH

by John Murphy,

Chief Technical Analyst, StockCharts.com

NEGATIVE CORRELATION HOLDS FOR DOLLAR/GOLD... Link for todays video. The long-term trend for the Gold SPDR (GLD) has been up since the breakout in early 2009. Chart 1 shows two modest corrections and one consolidation within this uptrend (pink lines). The uptrend continued when GLD broke falling wedge resistance...   READ MORE 

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ESTIMATING SHORT-TERM SUPPORT FOR SPY AND IWM -- USING FIBONACCI CLUSTERS FOR CORRECTION TARGETS -- VOLATILITY INDICES SURGE ABOVE RESISTANCE -- MEAN REVERSION STRATEGY FOR THE VIX

by John Murphy,

Chief Technical Analyst, StockCharts.com

ESTIMATING SHORT-TERM SUPPORT LEVELS FOR SPY... Link for todays video. Stocks continued lower for the second day, but bounced off their afternoon lows as short-term support levels came into play for the major index ETFs. Not everyones definition of short-term is the same. I would consider a 6-week 60-minute chart...   READ MORE 

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OIL SPIKE CAUSES STOCK DROP ON RISING VOLUME -- ASIAN MARKETS FALL ESPECIALLY HARD AND HURT EMERGING MARKETS -- SHORT-TERM STOCK INDICATORS ARE TURNING NEGATIVE -- LONG-TERM CHARTS SHOW AN OVERBOUGHT MARKET IN NEED OF A CORRECTION

by John Murphy,

Chief Technical Analyst, StockCharts.com

EMERGING MARKET ISHARES LOSE 3% ... Today's spike in oil prices has put global stocks on the defensive. Among the weakest are emerging markets, especially in Asia. Asian losses of more than than 3% have been seen in China, South Korea, Taiwan, and Singapore. Chart 1 shows HongKong iShares...   READ MORE 

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LIBYA TURMOIL RATTLES GLOBAL STOCKS BUT BOOSTS GOLD AND OIL -- GOLD AND ENERGY STOCKS RALLY AS AIRLINES DROP -- CANADA IS ONLY GLOBAL MARKET IN THE BLACK -- BONDS BOUNCE ON SAFE HAVEN PLAY -- S&P 500 IS OVERBOUGHT, BUT UPTREND STILL INTACT

by John Murphy,

Chief Technical Analyst, StockCharts.com

GOLD AND OIL PRICES SPIKE HIGHER... As usually happens during a period of Mideast turmoil, gold and oil prices are spiking higher today. Chart 1 shows the Gold Trust Shares (GLD) trading at a two-month high. We've been reporting on the recent upturn in precious metal assets. Silver...   READ MORE 

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DEFENSIVE SECTORS REMAIN LAGGARDS -- HEALTHCARE SPDR BREAKS 2010 HIGHS -- PFIZER AND BAXTER LEAD AS MERCK AND J&J LAG -- SILVER:GOLD AND COPPER:GOLD RATIOS RISE ALONG WITH STOCKS -- TRACKING COMMODITIES WITH DOW JONES AND IPATH

by John Murphy,

Chief Technical Analyst, StockCharts.com

DEFENSIVE SECTORS REMAIN THE LAGGARDS... The Healthcare SPDR (XLV) has been lagging the broader market for some time now. While the S&P 500 is up some 30% since early July, XLV is up around 18%. Chartist can compare performance by using the S&P Sector PerfChart. Chart...   READ MORE 

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EMERGING MARKETS ARE IN DOWNSIDE CORRECTION LED BY INDIA AND CHINA -- BOTH MARKETS, HOWEVER, ARE BOUNCING FROM OVERSOLD CONDITIONS -- BRAZIL AND SOUTH AFRICA ETFS ARE BOUNCING FROM CHART SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

EMERGING MARKETS ARE 2011 LAGGARDS... I'm not a believer in global decoupling. On the contrary, I believe that global stock markets are highly correlated and usually trend in the same direction. That's especially true of the relationship between emerging and developed markets. Chart 1 shows a...   READ MORE 

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HOUSING RELATED ETFS LEAD STOCKS -- LONG BOND ETF HITS SUPPORT ZONE -- MEDIUM BOND ETF HITS KEY RETRACEMENT -- MUNIS AND INVESTMENT GRADE CORPORATES FOLLOW TREASURIES -- JUNK BONDS TRADING MORE LIKE STOCKS

by John Murphy,

Chief Technical Analyst, StockCharts.com

HOUSING RELATED ETFS LEAD STOCKS HIGHER... Link for todays video. A rebound in January housing starts put a bid into housing related ETFs on Wednesday. Chart 1 shows the Homebuilders SPDR (XHB) within a clear uptrend since late August. The ETF broke above resistance in early January and then consolidated...   READ MORE 

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GOLD MINERS BULLISH PERCENT INDEX TURNS UP -- SILVER LEADS GOLD HIGHER -- GLD EXCEEDS 50-DAY LINE -- SILVER WHEATON AND MOST SILVER STOCKS SHOW RELATIVE STRENGTH -- GOLDCORP AND YAMANA GOLD EXCEED 50-DAY LINES

by John Murphy,

Chief Technical Analyst, StockCharts.com

GOLD MINERS BULLISH PERCENT INDEX TURNS UP ... I've devoted the last two Tuesday messages to signs of an upturn in precious metal assets which have been largely ignored in the recent commodity rally. Although stocks tied to coal, copper, oil, and steel have been soaring, precious metal stocks...   READ MORE 

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ENERGY STOCKS SURGE AS WTI CRUDE FLATTENS -- WTIC TESTS SUPPORT ZONE -- BRENT CRUDE ETF SURGES TO NEW HIGH -- SHANGHAI AND HONG KONG SHARES SURGE -- COAL AND STEEL LEAD MATERIALS SECTOR

by John Murphy,

Chief Technical Analyst, StockCharts.com

ENERGY STOCKS SURGE AS WTI CRUDE FLATTENS... Link for todays video. Energy stocks were strong on Monday as the Energy SPDR (XLE) recorded another 52-week high and the Oil Service HOLDRS (OIH) surged over 2%. This is all the more impressive considering that West Texas Intermediate ($WTIC) has been flat...   READ MORE 

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DISSECTING THE BEARISH REVERSALS IN 2000 AND 2007 -- S&P 500 SHOWS NO SIGNS OF A MAJOR TOP -- MOVING AVERAGE DIRECTION IS IMPORTANT TO TREND -- S&P 500 EQUAL WEIGHT INDEX NEARS 2007 HIGHS

by John Murphy,

Chief Technical Analyst, StockCharts.com

DISSECTING THE REVERSALS IN 2000 AND 2007... Stocks remain in bull mode with fresh 52-week highs in the major indices. There is little doubt that the big trend is up. Many pundits, myself included, consider the stock market overbought and ripe for a correction or a pullback. However, buying pressure...   READ MORE 

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EXCHANGE VOLUME AINT WHAT IT USED TO BE -- LOW VOLUME UNDERMINES NEW HIGHS IN DOW -- RUSSIA LEADS THE BRICS WITH A NEW HIGH -- INDIAN SENSEX INDEX HITS SUPPORT ZONE -- SHANGHAI COMPOSITE STALLS NEAR WEDGE TRENDLINE

by John Murphy,

Chief Technical Analyst, StockCharts.com

EXCHANGE VOLUME AINT WHAT IT USED TO BE... Link for todays video. Exchange and index volume levels are increasingly difficult to measure. In the good olds days, stocks traded on the exchanges and the exchanges reported volume. Reported volume levels were pretty close to reality and volume based indicators were...   READ MORE 

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JUNIOR GOLD MINERS LEAD RALLY IN PRECIOUS METALS -- PART OF THE REASON IS ITS HEAVIER WEIGHTING IN SILVER STOCKS -- MARKET VECTORS GOLD MINING INDEX CONTINUES TO CLIMB -- BESIDES IAMGOLD, OTHER UPSIDE LEADERS ARE SEABRIDGE AND GAMMON GOLD

by John Murphy,

Chief Technical Analyst, StockCharts.com

PRECIOUS METALS CONTINUE TO CLIMB ... My last two market messages from last week wrote about signs of an upturn in precious metal assets. Signs of an upturn are growing even stronger. Chart 1 show Gold Trust Shares (GLD) trading back over their 20-day average (green line) for the first time...   READ MORE 

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QQQQ HITS NEW HIGH WITH BREAKOUT -- FINANCE SECTOR PUSHES TOWARDS APRIL HIGH -- SEMICONDUCTOR HOLDRS GO PARABOLIC -- NETWORKING ISHARES GETS FROTHY IN STRONG UPTREND -- STEEL ETF STALLS WITHIN CHANNEL

by John Murphy,

Chief Technical Analyst, StockCharts.com

QQQQ HITS NEW HIGH WITH BREAKOUT... Stocks extended their gains on Monday with the major index ETFs hitting new 52-week highs. This includes the S&P 500 ETF, the Dow Industrials SPDR, the S&P MidCap 400 SPDR, the Russell 2000 ETF and the Nasdaq 100 ETF. Despite...   READ MORE 

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BONDS YIELDS SURGE AS UNEMPLOYMENT FALLS -- FINANCE SECTOR REMAINS THE MAIN DRAG -- TECHNOLOGY AND CONSUMER DISCRETIONARY SPDRS NEAR 2007 HIGHS -- FINANCE SECTOR CONSOLIDATES NEAR RESISTANCE -- NDX AND SPX %ABOVE 50-DAY REMAINS BULLISH

by John Murphy,

Chief Technical Analyst, StockCharts.com

BONDS YIELDS SURGE AS UNEMPLOYMENT RATE FALLS... Even though non-farm payrolls rose by a paltry 36,000 in January, the unemployment rate fell to 9%. Anomalies and statistical errors aside, bonds took the news rather hard. Bonds fell and rates rose because a decline in the unemployment rate increases the...   READ MORE 

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GOLD STOCKS RALLY ON PRECIOUS METAL BUYING -- IAMGOLD REACHES NEW RECORD -- KELLOGG AND HERSHEYS SURGE ON STRONG VOLUME -- CANADIAN MARKETS BENEFIT FROM RISING COMMODITIES

by John Murphy,

Chief Technical Analyst, StockCharts.com

GOLD STOCKS BOUNCE OFF 200-DAY LINE -- IAMGOLD HITS NEW RECORD... My Tuesday message showed the Market Vectors Gold Miners ETF (GDX) testing long-term support at its 200-day moving average, and suggested watching it closely for signs of an upturn. Today's strong rally in precious metals assets may...   READ MORE 

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RETAILERS AND CONSUMER DISCRETIONARY SECTOR STILL LAGGING -- ERTS LEADS SURGE IN VIDEO GAME STOCKS -- TTWO BREAKS OUT TO 52-WEEK HIGH -- NIKKEI 225 BOUNCES OFF SUPPORT -- SHANGHAI COMPOSITE BOUNCES OFF KEY RETRACEMENT

by John Murphy,

Chief Technical Analyst, StockCharts.com

RETAILERS AND CONSUMER DISCRETIONARY SECTOR STILL LAGGING... Link for todays video. Despite a big jump in the stock market on Tuesday, the Consumer Discretionary SPDR (XLY) and the Retail SPDR (XRT) remain key laggards. Again, this remains a concern because these companies are the most sensitive to changes in the...   READ MORE 

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JUMP IN US MANUFACTURING PUSHES STOCK INDEXES TO NEW RECOVERY HIGHS -- SMALL CAPS HOLD 50-DAY LINE -- UPS PULLS TRANSPORTS HIGHER -- MATERIALS AND ENERGY RIDE COMMODITY WAVE -- ALCOA NEARS 52-WEEK HIGH -- DOLLAR AND BONDS DROP

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL CAPS AND TRANSPORTS SURGE... Today's report that US manufacturing rose at the fastest pace since 2004 has had an uplifting effect on global stocks. As a result, stocks are rallying sharply with the S&P 500 trading at a new two-year high. Two other stock indexes...   READ MORE 

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IWM AND QQQQ FIRM NEAR SHORT-TERM SUPPORT LEVELS -- OIL LEADS ENERGY COMPLEX HIGHER -- ENERGY SPDR AND OIL SERVICE HOLDRS HIT 52-WEEK HIGHS -- SURGE IN COPPER PUSHES BASE METALS ETF HIGHER -- BONDS SLUMP AS COMMODITIES SURGE

by John Murphy,

Chief Technical Analyst, StockCharts.com

IWM AND QQQQ FIRM NEAR SHORT-TERM SUPPORT LEVELS... Link for todays video. After a sharp decline on Friday, the major index ETFs rebounded on Monday and then consolidated. Chart 1 shows the Russell 2000 ETF (IWM) falling over 2% on Friday and then forming a doji on Monday. These candlesticks...   READ MORE 

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EGYPT TURMOIL ACTS AS CATALYST FOR STOCKS THAT WERE DUE FOR A PULLBACK -- EMERGING MARKETS LEAD GLOBAL DECLINE -- UPSIDE BREAKOUT IN VIX COINCIDES WITH S&P 500 BREAKING 20-DAY AVERAGE

by John Murphy,

Chief Technical Analyst, StockCharts.com

MARKETS WERE RIPE FOR A PULLBACK ... It took the turmoil in Egypt to finally cause some profit-taking in global stocks and bounces in safe havens like bonds, gold, and the dollar. Arthur Hill wrote yesterday about how the dollar and gold had reached potential support levels and were due for...   READ MORE