FOR FRIDAY: (5/19) We‘ve seen enough of these sucker punches to know that we had to be careful–and low and behold, it came and delivered. Next week’s James Comey hearing is certainly setting up as a ‘grab yr popcorn’ moment with Democrats lining up for their 5 minutes of fame to ask the question that ‘proves’ Trump deserves impeachment. However, it appears there is no need for the hearing as Mr. Comey already confirmed – under oath – that “he has not been pressured to close an investigation for political purposes.” Testifying under oath in front of the Senate Judiciary Committee on May 3rd, Comey states that he has not been pressured to close an investigation for political purposes, “not in my experience.”

So where is the truth? The press is selling copy by making up stories with evidence and there is certainly a witch hunt out there and it is not good for the economy or for getting business done and we’re all sick of it. Cycles suggest it will get much worse in July and August so get your popcorn warm ready.

We originally had a dollar high for Friday and gold low and we will assume that will continue. Still, the Times or WaPo will come up with something else to sell more copy and CNN will continue to rant. Will we ever have truth or a government interested in the people rather than battling out in the arena?

Topping action is never easy and you can see what happens when you chase so will tread carefully.

FOR TUESDAY: (5/16) Well, stocks survived a long-range missile test by North Korean over the weekend and just really cared about another false promise from OPEC. We’re not seeing this market run out of steam until the end of the week so we assume that it will go higher. Our cycle work is at odds with technicals this week. We often don’t pay much attention to Mondays as they are often low-volume. We have to see if the minor breakouts on silver and the Euro continue and if not our original work will be on schedule. We expect at least a retrace of Monday’s profits for most of these markets.Continue reading

FOR FRIDAY: (5/12) More reports on Friday and lately Fridays have been friendly but the 29-day cycle is weak by 9-10 am and that may lead to a weekend profit-taking bout. Metals also look lower on Friday and it may be a dull pre-weekend affair.Continue reading

FOR THURSDAY: (5/11) We have a bias toward stocks bouncing on Thursday and would love to buy a pattern completion but still looking for 40 ticks off the highs on NQ and not sure what will create that. The dollar looks higher all week and that doesn’t jive with a 2-day bounce for gold, which isn’t happening either. Luckily the news front is relatively clear compared to past weeks.Continue reading

FOR WEDNESDAY: (5/10) We have a bias toward lower stocks on Wednesday but we don’t think the move higher will be over until next week. The dollar looks higher all week and that doesn’t jive with a 2-day bounce for gold. Luckily the news front is relatively clear compared to past weeks.Continue reading