The Silver Proxy (NYSE:SLV) has broken out to new highs and is working its way through a broad correction. We would expect to see it bottom out in the next week and begin a rally back up to the highs. As it rallies, we will be able to measure the energy coming into the…
OIL is the ETF that follows the price of West Texas Intermediate Crude. While the price is likely to grind higher for the time being, there is an interesting story in oil with all the inventory that is currently being stored rather than transported in tankers all over the world.
The S&P 500 index proxy (SPY) remains under mild bullish control in the smaller time-frames. Nothing has changed in the deeper and bearish zones, so we are stuck on the sidelines waiting until this tug of war is resolved.
