logo
  Join        Login             Stock Quote

S&P Treads Higher, Dollar Volume Surges, Gold Consolidates

 September 21, 2009 09:23 AM
 


Sulaman Chaudhry and Andy Cole send: Hope you all had a great weekend. Let's look at a few charts:

The S&P looks to be forming a rising wedge of sorts. A break to the downside would definitely be bearish, but until that happens, which it most likely will, the trend is up and continues to be for now.

[Related -SPDR Gold Trust (ETF) (GLD): Is It Time To Buy Gold?]

After that high volume breakout on the Gold (ETF: GLD) chart a few weeks ago, we've seen a nice bit of consolidation around that 100$ level. For those traders banking on a move past 100$, this is definitely healthy in order to have a sustained move higher.

The head and shoulders that we have been on top of since February is still in play. A break above 100$ should lead us to a target price of 115$ on the GLD over the course of a few months.

[Related -What's the Game Changer for Gold?]

There was a strong surge in volume on the U.S. dollar (ETF: UUP) last Friday. Whether this will form some sort of short term bottom remains to be seen, but it's something to keep an eye on.

Finally, take a look at Hecla Mining (HL). This stock has seen a surge in buying volume over the past few weeks as it completed a cup and handle breakout, which was no doubt influenced by the pennant breakout in gold. We would look for a retest of $3.90 on the downside as nice entry position.

iOnTheMarket Premium
Advertisement

Advertisement


Comments Closed


rss feed

Latest Stories

article imageThe Boeing Company (BA) Q2 Earnings Preview: Durable Earnings Beater

The Boeing Company (NYSE:BA) will publish its second-quarter financial results before the open of the read on...

article imageAngie's List Inc. (ANGI) Q2 Earnings Preview: Trending Towards a Smaller Loss than Expected

Angie's List Inc. (NASDAQ:ANGI) will post its second quarter 2014 financial results will be released on read on...

article imageMicrosoft Corporation (MSFT) Q4 Earnings Preview: Xbox and Surface Margins the Key

Microsoft Corporation (NASDAQ:MSFT) will publish fiscal year 2014 fourth-quarter financial results after read on...

article imageBaidu Inc. (BIDU): Climbing Towards Morgan Stanley’s $239.30 Target

Baidu Inc. (ADR)(NASDAQ:BIDU) is up handsomely today, mostly thanks to an upgrade from Morgan Stanley. read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.