Golden Opportunities

It is still a very resilient market. The Cyprus news brought in an early deluge of selling and a big drop in the indices, only to be replaced by a gradual strengthening thereafter. This reflects underlying buying pressure and a lack of fear, as we see on the Volatility Index (VIX), which refused to move far from its extreme complacency readings. On the first chart below, observe that the drop did little to set a new direction and just held the S&P 500 within the trading zone of the last three weeks.

The Arms Index remains quite overbought on the five-day and 10-day moving averages. We need to see more selling and more fear to remove that complacency and perhaps set up for renewed strength. We are not there yet, so I am continuing to believe this is not a time to buy. Please be sure to read my comments below on the gold market below....277 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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