The Closing Wrap

You could say there was palpable fear in the market today. There was a co-dominant P/V Relationship of Price Down/Volume Down and Price Down/ Volume Up, it leaned toward the latter. Unlike yesterday's subIndustry and Industry group strength, we had a complete reversal with only 11 of 239 groups trading in the green. The candlestick pattern today was a bearish engulfing pattern, even though the market is not even close to oversold, I attribute much of this to fear in the market over the GDP number and Bernanke's Jackson Hole Speech, which has been painted by Wall Street as a no win situation.

Gold and Silver both saw the bounce we called for yesterday and look like thy both have some room left on the upside.

We still have some very strong daily positive divergences that would suggest something is up beyond what we have been constantly sold over the last few weeks about Bernanke being painted in the corner with the market having no where to go but down, so tomorrow we should have some resolution to this Jackson Hole ordeal, but as I always warn, beware of the first knee jerk reaction when it comes to FOMC/Fed statements, it's almost always wrong.

As for the miner's system, DUST ended up pulling back right to our target zone

I suspect we'll see some late day strength in DUST tomorrow.

Be up early, the action starts at 8:30 and 10 am