Feb 12
14
As I prepare for my vacation in Florida, I thought a quick review of the markets was in order.
I continue to believe the DJIA can work itself higher and may even touch its all-time high. It has been rising on a series of higher lows (Points A through E) and has once again bumped up against key resistance (Point F). It would come as no surprise that the market peaks at the beginning of serious military conflict between Israel and Iran. Such a case seems closer now than ever.
U.S. Bonds remain an avoid at all costs, while the U.S. Dollar limps through a continuing secular bear market.
The safe versus sorry long play on gold is to wait for two consecutive closes above $1800 (Point A) and have a mental stop just below the 50-Week M.A. (Point B).
