We expect higher prices ahead. The markets are in an uptrend with all major indexes settling above their 50 Day Moving Averages and multiple new buy signals on the ETFs I monitor.

However, with overbought conditions on a technical basis and a troubled environment on a fundamental basis, we see the possibility of some downdrafts just ahead for Thursday.

Today retail sales, the Fed Beige Book and job news all came in positive, but “ObamaCare” and the Greeks spooked the markets.  Chancellor Angela Merkel of Germany made it crystal clear that the Germans will not be greasing the tracks for the Greeks, and one can only conclude that Greece is “not too big to fail,” unlike Goldman Sachs, Chase, Citi, etc, etc.  

Also looming large just ahead are January Factory Orders, January Pending Home Sales and February Non Farm Payrolls, all of which hit on Friday morning. 

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Related posts:

1. Expect Much Higher Silver and Gold Prices By Year’s End (SLV, SLW, GLD, NEM)
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3. Richard Russell: Expect A Jolt In Commodity Prices In The Near Future (GLD, SLV, GDX, AGQ, IAU, UGL)
4. Outlook For Oil In 2012: Why Investors Should Expect $150 Oil Prices and How To Profit (USO, PBR, XOP, CHK, SU)

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