US still facing resistance, Europe trapped,
Gold and Silver bottomed

2nd May:
  • US indexes all testing strong resistances. S&P and Dow are both on long term means. NYA is lagging.
  • Europe has been trapped in a bearish channel for the last year and a half. No sign of bottoming. However,...
  • Euro will make a good bottom if it rallies to around 1.17.
  • Australian dollar and yen have both made good bottoms. But resistance approaching for both.
  • Oil has made a small, but not very persuasive bottom. The strength of the reversal for oil depends much on other commodities, which appear to have reversed.
  • Gold and silver have clearly bottomed.
  • Hong Kong: very nice turn on 30-year support and record low PE suggest that the market has bottomed, even without a persuasive bottom.
  • Thailand has many short term obstacles to advancing. But the long term mean is around 1,600.
  • Baht has bottomed persuasively.
Charts current to 29th April.

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