Corey Rosenbloom, CMT Afraid to Trade.com We see the power of the swing-up (which is still classified as a “counter-trend” move up in the context of a pervasive downtrend) which has taken price up to the 940 level to challenge the January high just above 940. The 940 area will be the critical zone to watch in the coming days – look closely...

Owning gold is a hedge against the potential disaster of runaway inflation, more probable now with the massive increase in Federal debt. During the last bull market in gold, the shiny metal rose over 2,300% from a low of $35 in 1970 to a high of $850 in 1980. 10 fundamental reason to own gold. My Gold analysis right now is that I can’t see any scenario...

According to the dollar index (DX), which is a basket of currencies that track the dollar, it would appear as though the dollar is indeed going to be coming under more pressure. The dollar index is much like an index for stocks except in this case it is for currencies. The U.S. Dollar Index consists of six foreign currencies: 1. Euro (EUR) 2. Yen (JPY) 3....

The next failed German automotive merger: Continental – Schaeffler (Bloomberg) Has gold been manipulated? (Seeking Alpha) Jack Welch joins the Obama-Chrysler criticism bandwagon (Bloomberg) Where are the natural buyers? (Big Picture) CLO funds fail asset tests as downgrades accelerate (Bloomberg) Why government can’t run a business (WSJ) Baum:...

JON OGG 24/7 wallst These are some of the top pre-market analyst upgrades and positive research calls we have seen from Wall Street early this Wednesday morning: Analog Devices (ADI) Raised to Buy at Deutsche Bank; Raised to Neutral at Baird. Bank of Ireland (IRE) Raised to Buy at Deutsche Bank. Costco (COST) Raised to Outperform at Credit Suisse. Nokia...

I have had a few e-mails tonight asking if I thought Citi was a buy tomorrow. I ran a scan with Market Club’s Trade Triangles and came up with a few bullet points. Smart Scan Chart Analysis shows the current uptrend is at a crossroads and has possibly ended. Look for choppy trading action in the nearterm Very Weak Uptrend with very tight stops. Based...

You have to give it to him, he certainly does make some great points!

Dow Industrials, down 29.23 points, or 0.34% to 8474.85. Nasdaq Composite, up 2.18 points, or 0.13% to 1734.54. S&P 500, down 1.58 points, or 0.17% to 908.13. Wednesday’s Economic Data 7:00 a.m. Mortgage Applications Refinance Index 10:30 a.m. May 22 U.S. Energy Dept. Oil Inventories 2:00 p.m. April Federal Reserve FOMC Minutes

Their are rumors floating around about a possible offering A/H’s and that might be the reason for the pressure on the stock. UPDATE: David Faber of CNBC is reporting the possibility of an exchange some of the preferred shares for the common shares. CNBC just comfirmed 825 million shares for $10.00 per share! SAN FRANCISCO (MarketWatch) — Bank...

Folks this is still the 2nd worst S&P 500 / DOW bear market in the U.S. in 100 years. Pay special attention that the Great Depression crash is based on the DOW and the three others are for the S&P 500.

AMEX GOLD BUGS INDEX (HUI) Trading up +14.39 (+4.23%) at 354.84. Chart confirms that a strong uptrend is in place and that the market remains positive longer term. Strong Uptrend with money management stops. A triangle indicates the presence of a very strong trend that is being driven by strong forces and insiders. EXXON MOBIL CORP (XOM) Trading up...

by Peter Ha of Crunch Gear Finally! Sprint has officially announced that the Palm Pre will be launching on June 6th for $200 after a $100 MIR and a two-year contract. You’ll be able to purchase a Pre from Sprint, Best Buy, Wal Mart, and Radio Shack. When purchasing a Palm Pre you must add one of the following plans: Everything Data plan or Business...

Jay Yarow from Greensheet Well, it’s official. Obama rolled out the new fuel economy and emission standards today in the Rose Garden at the White House. He says it will reduce our need of oil by 1.8 billion barrels, the equivalent of what we imported last year from Nigeria, Venezuela, Libya, and Saudi Arabia combined. Obama says its like taking...

Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF) posted some very mixed results. On the surface it looks disappointing across the board, but after parcing through the data this seems as though there are no nasty surprises in the data. All figure have been converted to US dollars rather than Chinese “RMB” for comparison purposes, but the company’s...

Looking for those so-called green shoots in consumer spending? As this chart, which has been going around, shows, there’s still not much to get excited about. (via Paul Kedrosky)