Markets fell Thursday as the Dow put back to back triple digit losses and the Nasdaq dropped .8% while the S&P 500 fell .7%. The volume trends remain negative as today trade increased as stocks declined giving bears reason for hope. Todays action was blamed on action in Iraq and lets face it, this is all just noise, technically speaking of course. We had a negative GDP that was blamed on weather, but a couple days of violence in the Middle East has benchmarks drifting lower? Now energy prices were affected by the conflict and that put a bid under the energy sector, as that group was the best performing both Wednesday and Thursday. Utilities, perhaps a sign of investor skittishness advanced Thursday as well. Going into Friday the S&P 500 is lower by 1% and the Nasdaq by .5%. The day began underwater as some economic data came in sluggish with both retail sales and jobless claims disappointing. Gold seems to be “glittering” as the GLD is up everyday this week and higher by 1.7% for the week, looking to put up its best weekly showing in 3 months. Two of my favorite names in the group are FNV, which closed north of the round 50 figure Thursday, and GOLD. GOLD is looking to put a 5 week losing streak, all in weak trade, in the rear view mirror up a robust 5.3% this week. It found nice 200 day SMA support and can be bought right here and look to add above a double bottom trigger of 81.73.

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