A Quiet, Steady Week That Sets Us Up for Strong Action Now
NEW YORK (TheStreet) -- We had a nice, relatively quiet but solid week for markets and stocks for the most part, which is good to see.
You just never really know what a holiday week will bring, but this one was good.
We didn't see a lot of large moves, but leading stocks did hold up very well and are set to move higher in the week ahead, finally.
We've really seen some great moves lately, but those moves have tended to only last a very short time which is not that much fun.
Stocks and markets look and are acting strong, and we should be seeing the beginning of some larger and extended moves now, or very soon.
Gold continues to base here and did fall a bit later in the week but still looks like the next move is higher, not lower.
I'm not trading gold or the other metals at the moment.
We will have lots of time as gold moves off lows. But for me, there are easier places to make money at the moment.
Gold was pretty flat, only gaining 0.33% for the week, with many traders away for the Canada Day and Fourth of July holidays, which fell in the same week.
Gold did look great and ready to break out but then reversed.
Gold is always a tough cookie to trade. It looks so good, or bad, but then reverses so often.
Yes, many will call it manipulation, and it may well be. But no matter what it is, gold acts strange, and it is rare that I will trade it.
[Read: Do Geopolitics Still Have a Firm Hold on Commodities, Oil, Gold?]
I have no positions in the metals right now.
I know a lot of people love gold, but this game is about making money, and there are much better and more predictable places to make it.
That said, gold still looks good but is trapped in the range between $1,330 and $1,310.
A move either way is a breakdown or a breakout and could be traded.
I'm not a huge fan of the heavier volume push lower Thursday, but with the 50- and 21-day moving averages supporting gold here, the next move should be higher.
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