One of the big concerns during the summer and fall months was that tumbling global markets were likely to drag the U.S. market down with them.
That worry received considerable relief in the big back-to-back market gains of the last two weeks. The big weeks were across the board globally.
Not many global markets broke out to new highs like the Dow and S&P 500, but they did rally significantly off their lows.
Gold plunged to new bear market lows this week. Gold bullion closed at a 4-year low yesterday.
But the gold mining stocks, already at new bear market lows, plunged another 14% this week, and are at a 12-year low, having given back almost all of their gains made in gold’s huge bull market that began in 2000.
Needless to say we remain on the sell signal for gold.
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Sy Harding publishes the financial website Street Smart Report Online and a free daily Internet blog at Sy’s Free Blog. In 1999 he authored Riding The Bear – How To Prosper In the Coming Bear Market. His latest book is Beat the Market the Easy Way! – Proven Seasonal Strategies Double Market’s Performance!
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