Gold, Oil & Indices (Equity & Bond Indices)

Gold, hardly dare comment after so much silly talk out there. Suffice to say I am still buyer of physical gold. Looking at daily chart its now in O/B territory (relative term) and narrow range consolidation to relieve pressure (tech term).

Weekly chart shows us perfectly normal corrective pattern down from the 1926 high to 1321 low, which level is a smidge above the 50% ret at 1301 and the 127.2% sym ext at 1289. Looks like the pattern completed with the minimal truncation but jury is still out to see what happens next. Need more pattern in this current up move and a test of 1526 and then 1552 level to alarm the bears.

I regard anti gold bufs as unintelligent. In the longer term physical gold has intrinsic value, not like all yer paper garbage. The younger trader is weaned in a world of debt and thinks this is perfectly normal and can continue ad infinitum. It cannot.

H&S crude 60min chart

Ashraf recently talks about breadth in the FTSE 100 index. Tuesday trading saw a breadth divergence against the new high in S&P 500. Also a bid/ask volume divergence. Its not necessarily a reliable signal to sell the farm yet, more an alert to keep an eye on. It will be will be resolved one way or the other.

I see Adam Button has posted some interesting comments in Market Thoughts regarding historical behaviour for May.

china golden week this week, hope we dont have surprise in this holiday.

advanced micro devices maybe worth a buy, new xbox and PS use their chips. if iTV cant kill both of them, amd should go higher. and amd have right guys recently.