Thursday, February 4, 2010

Update On Dollar, Gold, Oil & S&P500.....

Below are several updated charts  to those of last week (1/28) of the dollar, gold, crude oil & the S&P500 index. Today's market reaction to the PIIGS CDS problems caused the Euro to fall and the US Dollar to rally. I've been stating for several weeks now that the dollar was in a short term rally phase and would more than likely run to the 81 level. I'd been looking for gold to find support at the $1075 level which it did and then to pull back to the $1025 level, with a pause at $1050. Crude oil is still managing to hold within that trendline. The S&P 500 ($SPX) is also close to my 1050 target. Tomorrow we get the monthly Jobs Report prior to the open, so far with the ADP Report and weekly claims numbers look like weakness should prevail. I'm expecting the markets to continue to sell and rally later in the day. Bottom line this is Fear dejavu and I would suggest investors not panic and sell. Rather use this weakness to add or buy. This correction since the March bottom is welcome, as a matter of fact, I see close similarities to recent market selling to that of July 2009. This is FEAR and as we witnessed last year, sound minds and fundamental sense will comeback... take advantage of this opportunity. One of those opportunities maybe Suncor Energy (SU) which is on the Itz Pix Radar...more to follow!

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