Mixed Signals

Talk about mixed signals. All those sell signals have basically stalled and are flat lining while the market decides wether Apple's and American Express positive earnings outweigh Microsoft and Amazon's disapointing sales forecasts.

We have gold inching up as per our TA guy's call which showed some clear bottoming signals but still there is no outright buy signals on the XAU which usually lead the price of gold which is up about $50 off the low last week. Gold did give some buy signals today so I am thinking we may have some safe haven buying with the Pakistan situation making some nervous. We shall see if the equities follow as Barrick gave an early warning buy signal today but needs some follow through tomorrow.

Oil has switched over to the June contract which was slightly higher than the May closing at $46 and is currently in the $49 range. What is interesting is the December oil contract as of yesterday was at $60 showing the markets conviction that higher prices will come regardless of the higher stockpiles being reported.

As well the VIX is acting bipolar not sure where to go so Friday should be another coin toss on which good news counters the bad.