Platinum (PPLT) rose 2.70% for the week after holding the support levels I talked about last weekend. Great action here, although volume isn't special, and we have some resistance at $1,450. I'd expect a few days of consolidation at this level before we mount an attack on $1,490, where a longer consolidation period will be needed.
Of course, if gold totally blows its support and drops, then all precious metals will follow.
Palladium (PALL) gained 1.97% after a wild last couple of weeks. The recent breakout failed, and now we are seeing how this breakout works. So far, so good. I'd prefer to see better volume now, but the action is pretty solid. A breakout with volume above $800 would be what I'm looking for next. Be careful trying to trade this market; we should have the all-clear signal within two weeks. I'll be on it hard for members who will get buy points and all the stocks I'm interested in at the time. This choppy period is great for looking at stocks and building your list of the ones you want going into the next strong market cycle.
On that note, you can find out more about what I do for members at www.wizzentrading.com. Thank you for your time and reading. Have a great weekend and week ahead. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.