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MLR - Premarket Pulse February 11, 2013

The NASDAQ Composite pushed out of its ascending channel formation as it attempts to play "catch up" to the other major market indexes, all of which were up on Friday on lighter volume compared to the prior day. While lighter volume might seem problematic, it was likely influenced by the strong "Nor'easter" storm hitting the East Coast and points east of the Great Lakes as many employers instructed their employees to stay home given the severity of the weather conditions. A number of high quality stocks launched higher on Friday, usually a bullish sign, While volume overall was lower, institutional volume was strong.

Precious metals remain squarely in their basing patterns. That said, SPDR Gold Shares (GLD) and iShares Silver Trust (SLV) have been attempting to tighten up within their patterns, which is constructive, but it will take a strong pocket pivot move back above their 50-day moving averages before we can anticipate further upside with any confidence. We remain vigilant for pocket pivots to emerge in the coming days or weeks (see https://www.virtueofselfishinvesting.com/pocket-pivot for complete details). Further, central banks continue to print money and are net buyers of gold. As China and India resume high economic growth, their net purchases of gold will also increase. Economic growth in both countries leads to rising incomes which increases overall demand for gold as well as for gold-intensive items such as jewelry.

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