Daily Market Snapshot
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| The Bears are currently winning the battle for control. |
Point Score View
Market Direction Model
Due to growing weakness in market internals, I did reduce our exposure to risk today. At this point, I am more interested in protecting our profits than fighting what appears to be an upcoming uphill battle.
Inflation Hedges Folio
Gold, silver and commodity prices declined in a big way on very heavy volume today. It was clear that the institutional players were in a big rush to exit these markets. The selloff seemed to be sparked by comments made by Ben Bernanke during his congressional testimony today. He seemed to imply that further Fed easing or quantitative easing was off the table for the foreseeable future. I did sell our precious metal and commodity holdings today.
Gold Chart
This blog post does not constitute an offer of investment advice. This blog is only provided for educational purposes. Please read the Important Blog Disclosure posted in the right channel bar.
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