The daily charts are overbought, but stocks remain undervalued.
Gold, Crude Oil, the Euro and the Dow are Overbought
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Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com. ValuEngine is a fundamentally-based quant research firm in Newtown, PA. V aluEngine covers over 7,000 stocks every day. A variety of newsletters and portfolios containing Suttmeier's detailed research, stock picks, and commentary can be found HERE. Oct ober 12, 2010 – Gold, Crude Oil, the Euro and t he Dow a re Overbought The decline in the yield on the 10-Year note is overdone and still shy of my quarterly and semiannual risky levels at 2.265 and 2.249. Gold remains extremely overbought and my monthly pivot at $1343.7 is a magnet. Crude oil is below my semiannual risky level at $83.94 and is now overbought. The euro remains extremely overbought and seems to have difficulty with the 1.40 level. The Dow is overbought on its daily and weekly chart, but daily closes above my weekly pivot at 10,938 targets my annual risky level at 11,235 by Election Day. 10-Year Note – (2.380) Annual and annual value levels are 2.813 and 2.999 with monthly, weekly and daily pivots at 2.555, 2.509 and 2.439, and quarterly and semiannual risky levels at 2.265 and 2.249. Courtesy of Thomson / Reuters Comex Gold – ($1354.4) Quarterly , semiannual and annual value levels are $1306.4, $1260.8, $1218.7 and $1115.2 with monthly and weekly pivots at $1343.7 and $1350.2 and daily risky level at $1361.3.
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Transcript of Gold, Crude Oil, the Euro and the Dow are Overbought
8/8/2019 Gold, Crude Oil, the Euro and the Dow are Overbought
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8/8/2019 Gold, Crude Oil, the Euro and the Dow are Overbought
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Courtesy of Thomson / Reuters
Nymex Crude Oil – ($82.21) Weekly and annual value levels are $79.62 and $77.05 with mysemiannual pivot at $83.94, and monthly and daily risky levels at $84.74 and $86.11.
Courtesy of Thomson / Reuters
8/8/2019 Gold, Crude Oil, the Euro and the Dow are Overbought
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The Euro – (1.3871) Weekly, quarterly and weekly value levels are 1.3737, 1.3318 and 1.2919 with adaily risky level at 1.4034. My monthly value level is 1.2342 with semiannual risky level at 1.4733.
Courtesy of Thomson / Reuters
Daily Dow: (11,010) Semiannual, annual and quarterly value levels are 10,558, 10,379 and 8,523 witmonthly, daily and weekly pivots at 10,857, 11,000 and 10,938, and annual and semiannual riskylevels at 11,235 and 11,296. My annual risky level at 11,235 was tested at the April 26 th high of 11,258.01.
Courtesy of Thomson / Reuters
8/8/2019 Gold, Crude Oil, the Euro and the Dow are Overbought
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That’s today’s Four in Four. Have a great day.
Richard Suttmeier
Chief Market StrategistValuEngine.com(800) 381-5576
Send your comments and questions to [email protected]. For more information on our productsand services visit www.ValuEngine.com
As Chief Market Strategist at ValuEngine Inc, my research is published regularly on the website www.ValuEngine.comI have daily, weekly, monthly, and quarterly newsletters available that track a variety of equity and other data parameters awell as my most up-to-date analysis of world markets. My newest products include a weekly ETF newsletter as well as the
ValuTrader Model Portfolio newsletter. You can go HERE to review sample issues and find out more about my research.
“I Hold No Positions in the Stocks I Cover.”
