Continue to trade the gold market just like a stock using SPDR Gold Trust (GLD) ($126.50). The ETF is below its 50-day SMA at $129.14 with the 200-day SMA at $143.62. The weekly chart is negative with the five-week MMA at $129.81 and the 200-week SMA at $143.36. My monthly value level is $118.35 with a weekly risky level is $135.75.
Continue to trade crude oil using the Energy Select Sector SPDR Fund (XLE) ($84.31) The EFT traded to a new multi-year high at $84.66 on Monday. The 50-day and 200-day SMAs are supports at $82.41 and $78.61. The weekly chart is positive but overbought with the five-week MMA at $82.75 and the 200-week SMA at $68.78. My weekly value level is $81.68 with monthly and semiannual risky levels at $87.91 and $88.35.
For the major equity averages the Russell 2000 tested a new all-time high at 1066.39 at Tuesday's close. The Nasdaq set a new multi-year high at 3756.24 on Monday staying shy of my semiannual risky level at 3759. The other three major averages stayed below their all-time highs at 15,658.43 for the Dow Industrial Average, set on Aug. 2, 1709.67 for the S&P 500 set on Aug. 2 and 6686.86 Dow transportation average set on Aug. 1.
It seems highly likely that all five major averages will power to new highs given a positive reaction to the Fed statement and to comments by Ben Bernanke at his press conference this afternoon.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV