Market Wrap Week Ending March 14

Honest Money Gold & Silver Report

by Douglas V. Gnazzo | March 17, 2008

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Stocks

Stocks had a volatile week and acted like a puppy on a choke chain, first pulled one way and then another. The lows are being tested.

The Japanese Yen keeps going up, and as the chart shows, when it goes up the stock market goes down.

It almost appears that money is being driven out of the stock market and into the bond market, at least that’s the path of least resistance so far.

Gold

Gold was up $25.30 closing at a new all-time high of $999.50 for a weekly gain of +2.60%. Intra-day it hit a high of $1009.00.

The daily chart of GLD has mixed signals. RSI is showing a negative divergence, while MACD just made a positive cross over.

ROC appears to be rolling over. The histograms have turned positive.

The weekly gold chart has higher overbought readings than the daily.

Silver

Silver gained 0.41 to close at $20.66 (+2.00%) for another multi-decade high.

The daily chart of SLV shows a negative RSI divergence. MACD has just made a negative cross over.

Histograms have turned negative and ROC has taken a dive.

The weekly silver chart has higher overbought readings than the daily.

Hui

The Hui had a good week, gaining 27.56 points to close at a new all-time high of 514.89 (+5.66%).

Precious metal stocks out performed physical for the week, which is constructive. The weekly chart shows a strong rising price channel in effect.

RSI and the histograms have been showing negative divergences for a few weeks now and so far they have not come into play.

MACD has just made a positive cross over and is in overbought territory, but has been so for quite a while now.

Hui P&F

The Hui point and figure chart shows a triple top breakout on Friday March 14, 2008.

A bullish price objective of 605 is indicated.

Copyright © 2008 Douglas V. Gnazzo
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About the author: Douglas V. Gnazzo writes for numerous websites and his work appears both here and abroad. Just recently he was honored by being chosen as a Foundation Scholar for the Foundation for the Advancement of Monetary Education (FAME).

Disclaimer: The contents of this article represent the opinions of Douglas V. Gnazzo. Nothing contained herein is intended as investment advice or recommendations for specific investment decisions, and you should not rely on it as such. Douglas V. Gnazzo is not a registered investment advisor. Information and analysis above are derived from sources and using methods believed to be reliable, but Douglas. V. Gnazzo cannot accept responsibility for any trading losses you may incur as a result of your reliance on this analysis and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities. Do your own due diligence regarding personal investment decisions. This article may contain information that is confidential and/or protected by law. The purpose of this article is intended to be used as an educational discussion of the issues involved. Douglas V. Gnazzo is not a lawyer or a legal scholar. Information and analysis derived from the quoted sources are believed to be reliable and are offered in good faith. Only a highly trained and certified and registered legal professional should be regarded as an authority on the issues involved; and all those seeking such an authoritative opinion should do their own due diligence and seek out the advice of a legal professional. Lastly Douglas V. Gnazzo believes that The United States of America is the greatest country on Earth, but that it can yet become greater. This article is written to help facilitate that greater becoming. God Bless America.

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Douglas V. Gnazzo | Honest Money Gold & Silver Report, LLC
Canton Center, CT USA | Email | Website

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