Quote of the Day

Defeat is a state of mind. No one is ever defeated until defeat has been accepted as reality. To me, defeat in anything is merely temporary, and its punishment is but an urge for me to greater effort to achieve my goal. Defeat simply tells me that something is wrong in my doing; it is a path leading to success and truth.”

Bruce Lee
1940-1973, Martial Artist, Actor and Author

QCOM Monthly

Similar to gaps, support and resistance become targets.  It should bounce off of support.  Will it hold?  Don’t know.

Low volume pretty much everywhere today except gold related.

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Chart of The Day

Last Friday we talked about GDX pulling in a holding its trend line.  Below is a monthly chart that shows GDX as a inverted head & shoulders (bullish).   Need a close above 54.   I would be out with a close below 50.40.

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Quote of the Day

“We were not created to be eaten by anxiety, but to walk erect, free, unafraid in a world where there is work to do, truth to seek, love to give and win.”

Joseph Ford Newton
Author

Chart of The Day

It’s about one hour before the market closes and about 15 minutes before the pit trading closes on Gold.

Let’s look at simple near term support and resistance on the SPY and then show how GLD and GDX have held support levels and better yet their trend line.  

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Looks like GDX wants to eventually go through that double top.  Sideways action (consolidation) early next week while holding the trend line would be ideal.

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Have a great weekend.

– Doug

Quote of the Day

Your living is determined not so much by what life brings you as by the attitude you bring to life; not so much by what happens to you as by the way your mind looks at what happens.”

Lewis L. Dunnington
Author

Chart of The Day

All three major indices are now trading below the 200 day – not good.  Will tomorrow be a 5th day down or will the shorts cover?

Previous support levels on the Dow have been breached.  Below is a weekly chart of the Dow with 10K as major technical and psychological support.  A lower support level shows the double bottom of 5/25 and 6/8.

See you Friday.

– Doug

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Protected: Managed Accounts Weekly Roundup for 6/24/2010

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Quote of the Day

Not the maker of plans and promises, but rather the one who offers faithful service in small matters. This is the person who is most likely to achieve what is good and lasting.”

Johann Wolfgang Von Goethe 1749-1832, Poet, Dramatist and Novelist

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To Your Success,

Doug & Gary