Weekend Chart Summary 1-31-09

Excellent set of charts !

Gold: 7 wave trend killer ? Or the start of a new 7 waves after the abc correction ?

Look at the daily chart of $HUI, note the bearish divergence with gold and a micro ABC high attempting to form. A break below 295 on the $HUI daily confirms a trend change signal. Historically $HUI tends to lead the metal.

P.T. , Ive noticed the apparent 7 waves on gold also,though the 7th wave may not be complete yet! F.W.I.W., MY MONEYS O/N THAT 955 LEVEL!

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F.W.I.W. DEPT: Technical Market Report
by Mike Burk




The good news is:
• Non existent.

The S&P 500 (SPX) finished its worst January ever, down 8.57%.

During the 1st year of the Presidential Cycle, since 1928, the SPX has been up 62% of the time, in January during the 1st year of the Presidential Cycle, with an average gain of 1.7%. Out of the 8 times the SPX has been down in January during the 1st year of the Presidential Cycle all but one turned out to be the beginning of a down year. (SOMETHING TO KEEP IN MIND DURING THE SPRING RALLY THAT MAY OCCUR!)

...i love this guy, a true wacko just like me!..courtesy Francis Bussiere

Sometimes this is scary.