- Technical Market Commentary -

December 8, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — Yesterday, December 7, shares of the SPDR Gold Trust (GLD – AMEX) closed the day with a bearish outside reversal. Shares had risen quickly to new intra-day highs, only to fall and close below the prior day’s lows, and on high volume. Typically such a reversal day would mark the beginning of at least a correction, and possibly worse.

Gold shares have been rising at an unsustainable rate since early August. Tuesday’s intra-day high was a new rally high, but shares then reversed and closed with a substantial loss.

There is no way to predict what comes next for this volatile ETF, but after a bearish outside reversal day there are usually lower lows ahead. Support is down at $130 per share, and GLD could easily reach those lows in short order.

The FirstAlert(tm) “Money Index” is an indicator of the depth of market direction or indirection. While not always including the same stocks, the combined NYSE, AMEX and NASDAQ 25 most actives and combined NYSE, AMEX and NASDAQ greatest percentage losers and greatest percentage winners (weighted against pure monetary loss/gain) indicate the direction in which the mass of money is flowing, as well as the general focus of the market. Go to http://www.financialwire.net/2010/12/08/prcnt-wnnr-rsrch-15/ for today’s NYSE-AMEX-NASDAQ summary.

The FirstAlert(tm) Morning Digest lists economics calendar events, earnings announcements, financial community conferences, company presentations and more. Go to http://www.financialwire.net/2010/12/08/fa-am-digest-44/ for today’s The FirstAlert(tm) Morning Digest summary.

(Go to http://www.financialwire.net/2010/05/01/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby for more of Kollar’s commentaries.)

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