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Observation Update

Commentary

Since the last update the general markets have staged an impressive comeback.  Many stocks have also recovered and some have even moved higher. GIMO and WB both proved that they were strong enough stocks to hold.  Today WB was up +10% and GIMO was up +4% today.  As I noted on the June 26th the three strongest positions were SLV, WB, and GIMO.  From a personal portfolio perspective I chose to closeout all stock positions the next day which is reflected on the closed holdings page.  

I closed the positions due to uncertainty surrounding the markets and felt it better to hold the majority of my account in cash.  Today, I still feel it's the right place to be for a couple of reasons. The first is the continued flight to safety in bonds and the second reason is the continued downtrend in major European banks and property funds.  At present, I'm willing to let a few breakouts pass me by, but if the market continues to improve and the number of breakouts continue to materialize, then I will resume taking long positions.

SILVER, GOLD, and OIL

Silver and gold have been on an impressive tear this last week.  Taking a look at the silver and gold futures charts, suggests that they might be ready to relax and consolidate for a few weeks.  Both posted alerts (orange triangles) on the charts these last few days.  As I mentioned in a prior update,  the silver position will be managed based on weekly price fluctuations to limit whipsaws and allow the trend to take shape over a longer period of time.

Today, oil closed below 46.02 which was the main trend line.  This could be an indication that oil is ready to make a leg down for a short time period.  Whether the correction is deep or shallow is anyone's guess.  It simply tells us to step aside and allow the trend to take shape.

Below are the three charts.

Watchlist

The watchlist has strengthened over the past few trading days.  Several names are setting up technically strong patterns.  CORT, AGX INGN, CBPX, BLD are just a few.  As you scan through the lists, you might notice that there are several construction related stocks appearing.  This is a good indication that the group is relatively strong and could see further price advances. Below are the charts.

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