GLD and Other Gold Stocks - Patience

Dollar's gain means gold's loss.  Breaking the 50 EMA today does not bode well.  If the dollar continues to rally, we could see further deterioration or side ways movement in price of gold.  Long term view is still extremely favorable - Gold is in an extremely solid long term uptrend.  In the short term, a replay of Feb-March is not out of the question.  Retracing to 104-105 area is very likely. 

S (Sprint Nextel) - Buying Opportunity

Remember, buy on weakness in an uptrend, preferably around the 50 EMA, and sell once the 50 EMA does not hold.

UUP (ProShares Double USD Index Fund) - Coming trend reversal

Keep an eye on the dollar, which is picking up momentum and looks like a trend reversal may take place.  The 9 month bull rally off the March lows may be put on temporary hold. 

$BKX - Financials Showing Weakness

Financial stocks which have led the rally off the March low have now become laggards.  20 EMA crossed under 50 a month ago on the $BKX, and it's had difficulty breaking the 50 EMA since.  However, there also appears to be strong support around $43.40.  The current formation shows indecision with moderate bearish bias, and the financial leaders like GS are well underway in a downtrend.

S - Buying Opportunity

20 EMA for S has crossed 50 EMA, giving the signal to buy.  Recent up days are characterized by heavy volume.  Overhead resistance at $4.50 and $5.50 - $6.00.  Possible inverse head and shoulders pattern developing in weekly chart, with 6 month target of $9 very likely.

Entry price:

Average: $4.10
Good: $4.00
Excellent: $3.85