5:00pm PST Monday May 8, 2017
DOW + 39 on 13 net advances
NASDAQ COMP + 6 on172 net advances
SHORT TERM TREND Bullish
INTERMEDIATE TERM Bullish
STOCKS: Stocks spent most of the day in a high level consolidation with a bias to the upside. The main catalyst for the market seemed to be the price of oil and the accompanying rally in oil stocks. The word was decreased supply worldwide although the U.S. figures didn't reflect that.
Near term setbacks aside, I continue to believe that we have unfinished business on the upside.
GOLD: Gold resumed its decline, down $6. Rising rates and a rising dollar were instrumental.
CHART One of the more bullish considerations is the fact that the U.S. rally isn't an isolated phenomenon. Stock markets around the world are rallying. We thought that perhaps the German market was leading us down in July and August, especially since seasonality was a negative, but it now looks like this market is getting back in gear with our market.
BOTTOM LINE: (Trading)