GLD (Weekly) Small Bear In a Big Bull

Bull Hat

• Break above 121.20 would break the bear fork
• Break below 119.40 would show the bear fork is in play
• Higher highs past 3 weeks (Bullish)

USO (Daily) With Bear Fork

Bear Hat

• Oil Stuck In A Down Fork
• Should See A Small Bounce Near 32.25
• Break Below Medline Would Be Very Bearish 
• Close below 32, could bring more bears to the party

XLF (Daily) With Bear Fork

Bear Hat

• XLF Is In The Dog House
• Break above 14 would start to break the down fork
• With banks starting to fall, is the whole Market Next?

Why GDP Is In Trouble

Bear Hat

*Chart is from Dshort.com, data is from Consumer Metrics 

• Consumer Metrics has been a great leading indicator for GDP
• With the consumer pulling back hard (Which is 2/3 of GDP) GDP will continue to fall unless the consumer comes back, FAST!  
•   Watch the Q2 GDP numbers on Aug 27th 
• Will be the Second Estimate for Q2
• Will be revised down (I am looking for 1.3 growth for Q2)
• Q3 GDP looking for under 1 percent growth
• Q4 GDP could be in the red!

SP-500 (Weekly) With Bull Fork In Play 2006-2008

Bull Hat

• Here is a look at Bull Fork that worked for a very long time
• It is a good way to see how Andrew's Pitch Fork works
• When Long Term Fork breaks, it can get ugly!