By Warren Bevan Stocks continued to show nice strength as we get deeper into earnings season. They just look, and act great! We have a healthy sized group of top callers everyday which is what we need. It’s when everybody says we will go higher that I’ll get worried. As for the metals, the pre-Chinese New Year buying has dried up and we are seeing weakness set in now. I’m not saying we will crash, but a nice couple month of building a bottom would be fine. Gold lost just 1.37% this week but it’s pretty apparent that the pre-Chinese New Year buying is now done. Support sits at $1,180, $1,160 and $1,120. Silver rose 0.61% on the week thanks to Friday’s impressive and counter-gold movement. I don’t think silver will move higher here even with Fridays strength, doubly so if gold continues to act poorly. Platinum gained a pathetic 0.75% in the face of weakness this past week. Looks to me like platinum is going nowhere fast for the time being. Palladium lost a hefty 6.32% this past week, but did have a strong Friday. The action is wide, loose and sloppy on this chart and that is not the type of action I like to trade. That’s it for this very short letter as my laptop is about to die, I forgot my charger, and the ski slopes are calling! |