Brief Market Update For the Week Ended March 5, 2010
All risk assets including equities, gold and oil continued their uptrend this week, continuing their denial of economic reality and fundamental banking crisis which exists globally. While the uptrend line on the daily charts remains in plain view, as of Friday’s close, the S&P500 is definitely in overbought territory in terms of price and sentiment, due for a nasty, quick sell off at any moment. In fact, the S&P is at double resistance at 1140 and after Friday’s rally riding its upper Bollinger band…
I’ve said, long-term investors should be out of the U.S. indexes, so if you are in, keep your stops in place to protect your precious profits. Gold and oil markets remain on the uptrend with the same caveats; expectations of swift declines on profit-taking sentiment or any of the high potential debt-related crisis announcements could easily send the markets plunging downward over several days.
For example, the Asian markets sold off on Friday with the Shanghai Composite leading the way down 2.5% on the day. A bounce off resistance at the 200 day MA would suggest a continued correction in the Asian market indexes, which would most likely lead oil and gold downward too, with the USD continuing its upward safe-haven status trajectory.
Cheers, Mario
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