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First Majestic Silver Corp. Message Board

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  • zebra887 zebra887 Jul 27, 2011 7:26 PM Flag


    Bad technical action across a broad span of stock market sectors today...Trend line breaks in many cases, MACD cross overs, SLOW STOS failing. S&P 500 has a rolling top in place. Looks like we are in corrective mode, generally. Of course there is a fundamental out there driving the technicals; today especially the market suddenly seemed to get real about US debt downgrade.

    Gold did get through its option expiration staying above $1600 though it got smacked down today from its best levels. Interesting to note there are still 250 or so contracts for July delivery on the Comex with one or two days to go...Could the Comex default before the US Government?

    Doesn't look likely to be very pretty in the markets the last two days of July...Wouldn't surprise me to see pressure in varying degrees on almost all market sectors until there is action on the debt ceiling and at the same time on the budget. This could take us well into August and through some very unsettling times.

    The tip off of the correct was on the 25th when only gold performed well, silver less so and miners were off....Looking for the reverse to be the tip off the turn back up is about ready to begin.

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