General Market Update

$ABAG, $BANK, $BKX: Banks are stretched, with KBW, NASDAQ Bank and NASDAQ Community Bank Indexes flashing strong sell signals.

$HGX: The Housing Sector Index has flashed two sell signals in the last month and remains weak.

$HUI: The Gold Bugs Index is extremely close to triggering a buy signal.

$NYA: The NYSE Composite Index is flashing a strong sell signal.

$OSX: Oil Services, once more, are extremely stretched, with the PHLX Oil Service Index flashing a strong sell signal.

$RUT: The Russell 2000 looks dangerously close to topping out and is within a hair’s breadth of signaling a sell.

$TRAN: The NASDAQ Transportation Index is a sell.

$UTY: The PHLX Utility Index is flashing a strong sell signal.

Uranium: Cameco is beginning to look less bad, but I’m not seeing a strong signal to buy yet.

$DXY: The dollar is firmly entrenched in its downtrend.

Conclusion: Sell Banks, Housing, the Broad Indexes, Oil Services, Transportation, and Utilities. Buy Gold, Silver and Platinum.

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