Morning Report – December 12, 2013

Today will be a test for the bulls. Stock futures are down slightly as I write this, but I suspect that the Bulls will try to defend the 4000 level on the NASDAQ.  If that fails and volume increases, we may be at the beginning stages of a decent correction.  Gold futures are taking another hit today.  The bounce off the bottom for GLD looks like it will fail.  The trend remains down for GLD.  Stock indexes are now neutral to slightly down, but remember that many stocks have already sold off.  It seems that only the leading stocks are propping this market up.  The HGSI Canaries index remains strong, and the leaders from the HGSI October seminar have not yet broken down. Read full report