By Markus Heitkoetter
Stocks traded lower for the second consecutive day with the DOW leading the way.
Fueled by a worse than expected Non-farm Employment change number, stocks were trading at lows of the day in early trading. It was setting up to be a big down day with some beautiful Simple Strategy signals before a mid-session rally helped recover half of the morning losses.
At the end of the session the S&P had dropped 9 points, ending the session at 2098.53. The DOW ended the session 106 points lower and closed at 18096.90. It was the first triple digit loss since January and the lowest close in 2 weeks.
While Gold (GC) found support at the $1200 mark, the Gold Miners ETF (GDX) is continuing its march lower. With a 1.67% drop today, GDX closed at $20.04 a share.
At times GDX has a tendency to make a move before gold does. We’ll see if today’s move is followed by a $1200 support break in gold.
A PowerX Method Sell Signal was identified in both stocks on 9th Feb 2015. PowerX traders are looking for an ADR Profit Target at $19.37.