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Buzz and Banter

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Yesterday I wrote that the dollar isn't necessarily today's business, but it looks like that has suddenly changed. The Sep. contract has given its first sell signal on the point & figure chart since June. Nearest chart support comes into play in the 94.40-94.50 area.

In other news and views, the August gold contract will break through trend line resistance with a tick at 360. More importantly, silver is confirming the move in gold, or perhaps it's the other way around. For the Sep. silver contract 492 was a pretty important line in the sand on the upside, but today's move barely blinked going through that former resistance level.

Amazon (AMZN: NASD) has enjoyed a pretty nice move since reporting last night, but in point & figure technical terms that's about it -a pretty nice move. It will need to tick at 41 to confirm a new buy signal. For now, it's simply trading at the top of its recent range with support unchanged in the 33-34 area.

Yesterday International Business Machines (IBM: NYSE) was notably droopy, dawg. It's slightly better today, but a move to 81 violates an important uptrend line from the October lows. On the upside resistance is at 87.
No positions in stocks mentioned.

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