Hitting The Ceiling
Over the past couple of week we have been waiting
and watching for the major averages to clear our current daily and weekly Resistance
targets.
So far, we have not had any luck.
Given our extremely overbought conditions in all
the major averages, and our failure to close above our Resistance
targets, we must presume that the market is getting ready for a major correction
from this point.
But, until the weekly trends are broken, the up
trend is still intact, just stalled.
TSX Weekly Trend - A close below 8,500
this coming Friday would end this current up trend.
TSX Weekly Panic Zones - The most
overbought we have been since the Bull market peak.
TSX Weekly Resistance and Support - 8750
is both our current daily and weekly price target.
DOW Weekly
Trend - A close below 10,500 this
coming Friday would end this current up trend.
DOW Weekly
Panic Zones - Again, we are at the most
overbought condition since the Bull market peaked.
DOW Weekly Resistance and Support
- 6 weeks in a row, and we still have not
been above to close above our current daily and weekly price target. Not a very
positive sign.
Unless we can close above our current price weekly
targets, this market is slated for a major correction in the very near future..
Gold Gets Beaten Up
We recently jumped back into the gold sector with
both feet as we saw gold stocks bounce off major support.
Last weeks jump in the US$ caused short term
weakness in Gold and the Gold sector.
We see lots of support right below where we closed
on Friday.
If that is broken, we must run away until we see
another Low Risk Opportunity.
TSX Weekly Gold Index Resistance and Support -
Lots of support between here and 200.
XAU Gold/Silver Index Weekly Resistance and Support
One new weekly TSX Index trend changes this week.
(Click on Up or Down to view the chart.)
| TSX
Index Watch |
Weekly
Trend |
Change
Date |
| S&P
TSX Composite |
Up |
|
| CDNX
Index |
Up |
|
| S&P
TSX 60 |
Up |
|
| S&P
TSX 60 Capped |
Up |
|
| S&P
TSX 300 Capped |
Up |
|
| Consumer
Discretionary |
Down |
20/02/2004 |
| Consumer
Staples |
Up |
|
| Diversified
Metals & Mining |
Up |
|
| Energy |
Down |
30/01/2004 |
| Financials |
Up |
|
| Gold |
Up |
|
| Health
Care |
Up |
|
| Industrials |
Up |
|
| Income
Trusts |
Up |
|
| Information
Technology |
Up |
|
| Materials |
Up |
|
| Midcap |
Up |
|
| Real
Estate |
Up |
|
| Smallcap |
Up |
|
| Telecommunications
Services |
Up |
|
| Utilities |
Down |
09/01/2004 |
1743 Birth of a Banking Dynasty
February 23rd marks the birthday of Mayer Amschel Rothschild, founder of Europe's most prominent banking empire. Born in Frankfurt, Germany, in 1743, Mayer Rothschild was initially groomed to become a rabbi, rather than a banking bigwig. But, the early passing of his parents led Rothschild to enter the realm of high finance, first as an apprentice to a bank. He rapidly ascended to the upper regions of the banking world, and, along with his five sons who were stationed in spots around Europe, set about establishing the Rothschild name. The family exploited the French Revolution and other upheavals in Europe for their financial gain, serving as key lenders to royal families, as well as agents for the trade (both official and illegal) of various goods. By the time Mayer Rothschild passed away in 1812, he had laid the groundwork for his family's dominance, which became more pronounced through their growing involvement in privatizing central banks, and introducing fractional banking, as well as their savvy investments in assorted sectors of the Industrial Revolution.
