Wednesday January 7 2026

 1/7/2026

UPW has been disappointing which may be a clue of where the market is headed It had sold off and appeared to be making a bottom but no down over one dollar today. I dumped my shares early this morning before it collapsed.  

Dow Utilities

The Utility average peaked mid October. Utilities are viewed as a conservative dividend paying group. Yet they dropped significantly below the 200 day moving average today. this is surely a signal something is amiss.  I have called for a top in the market only to be called wrong by the market, what is going on with utilities?
 

Industrials Hourly

 Okay so far just a correction from a very over bought top. the Transports joined to the downside

 At this point I can only say we will see how this plays out.

Bonds

Treasury prices continue sideways, nothing to report. 

Crude Oil

 Announcing the US will sell Venezuela crude oil did not help the price, the trend is down.

Silver, at best a double top, I don't know when I have seen a mania as wild as this., well ok NVDA

 Gold and silver need to correct, we shall see.

dennis.elam@att.net