It is just the energy sector (XLE) and other commodity sectors that are getting clobbered, while the main equity sectors behave very well after a 4% advance.
Mike Paulenoff's work argues that the streetTRACKS Gold Shares (GLD) has peaked and that good news will be sold at the top of the January-March channel.
The iShares DJ Transportation Index ETF (IYT) pivoted to the upside and has thrust above its nearest-term resistance line. Will this trigger higher projections.
The very big picture of the S&P 500 chart shows the making of a giant double-top pattern that could be on the verge of downside acceleration on the way towards a revisit of the 2002 low.
Mike Paulenoff sees so much upside potential in the price structure of the U.S. Natural Gas Fund ETF (UNG) that he will not be surprised to see it accelerate to the upside in a vertical assault on the intermediate-term target zone.
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