While gold tested support, precious metals stocks continued to crash.
Cycle screening measures were mixed today. The message of recent days remains the same.
The market confirmed that it remains in a 13 week cycle down phase.
The US Treasury continued the dramatic increase in its cash balances in the past week.
Gold continues to hold tenuously just above a key support level.
Short term cycle screening measures launched, suggesting the beginning of a 6-7 week cycle up phase, but all other measures remain on the weak side.
Commercial banks, foreign central banks, Primary Dealers and the public all cut back on their bond purchases in the last week or two.
9/28/2014 Court Casts a New Light on a Bailout – NYTimes.com By GRETCHEN MORGENSON “I think by the time we get finished with this case and we have our trial, we’re going to have the full picture on everything that occurred regarding the government’s rescue of A.I.G.,” said Thomas C. Wheeler, a federal judge. “Why did they…
The Ali Baba offering sucked cash out of the accounts of US investors this week and new Treasury supply will take more on Tuesday.
Another day, another whipsaw. The market remains in a downtrend but it is churning its way down.