Today's action in a nutshell courtesy of Fox News, "The markets closed little changed Wednesday as market participants remained cautious ahead of the ECB's meeting and the monthly jobs report." A post from MarketMontage today highlights the narrowing trading range that has formed over the last few weeks.
On the commodities front, Bespoke posted a good update of Commodity performance this morning. Oil and Natural Gas have been cooling off while Gold and Silver take front stage. While Bespoke cites Gold and Silver as being overbought, we shouldn't underestimate the power of momentum. Corn ran hard for a month before finally taking a breather.
Here is one interesting tidbit from data miner Jason at SentimenTrader, "The VIX 'fear gauge' has risen 9 out of 11 days, yet during that span the S&P 500 has barely lost any ground. This is unusual, and has preceded six-month gains in stocks 100% of the time." Jason has stats like this daily so we should be no means go and bet the house, but the 100% made this one particularly interesting. Higher prices on the way long term? We shall see.
Looking at the market indices, I am shaking things up tonight with long term, multi-year looks. Interesting rising wedge in the making for the S&P 500. The pattern, taught as the Rising Wedges Lesson on InvestingTeacher.com, is pretty clean and suggests we should ultimately break lower.
And lastly I have a nice clean look at Ford (F) from StockCharts.com own Arthur Hill. Arthur comments, "...F formed a falling wedge at the end of August and broke wedge resistance with a surge the last three days. The late August low becomes key support." The auto manufacturers have been pounded thanks to channel stuffing so good to see them finding some stable ground.
With that said, Mark has the rest of the week's recaps covered so stay frosty (sharp) out there and we will see you back here tomorrow!
Original post: STTG Market Recap Sep 5, 2012
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