General overview on the markets we trade….
We just wanted to give a few general opinions here today without going into to much detail. We will always follow are Wyckoff Principles and Tools, but we just wanted to give some current general thoughts out.
We think stocks are making some type of intermediate term top here again at the top of recent trading ranges. You can see the Wyckoff Wave has been slightly weaker than the general markets like the S&P.
We trade alot of Emini futures so we must be aware of the S&P chart.
We think U.S. Treasuries have turned down in earnest and have made a historical top. But on a shorter term basis we think rates will work lower from here for the next few months and the TLT higher. Then at that time we would see another wave of lower bond prices/higher interest rates.
We think Precious Metals are making an intermediate term bottom at these levels currently. We expect another quick rally from here to new highs above the high from mid August. We do believe that we are in a major deflationary environment, but are Wyckoff teachings trump everything else when we are trading. We will follow our indicators no matter what the current news of the day, or economic reports released.
Have a great trading day!!