Dear Readers, this last uptick in stocks, anticipated perfectly by our pressure gages, was one of the more powerful ones we have seen in last 7 months. Nevertheless, this should not scare us from doing what we need to do. Keep shorting the market at the daily resistances, in hopes that it will turn into a bigger waterfall ( or we make some or lose very little money). Gold is trying to shake of the needed correction without giving much back. There is still time for it to give some, but it certainly is indicative of strength to make very shallow corrections. Energy seems to be correcting a bit more, but not much also. Bonds moved higher and EURO moved higher, while BPOUND is down and YEN is up. This is transition time and as such YEN and POUND moves can be trusted, while the EURO and BOND moves are still suspect. Good Trading.
2 comments:
Goodmorning Boris.
Looks like your Feb.19 or thereabouts date for a shallow GOLD bottom may be spot on.
The USD looks like it may want to test the December low after it finishes a shallow upward correction of its own.
Anyways let's see if we can't pull some funny money out of the market today.
Danno
Dear Danno, I certainly hope that the correction is here and would be shallow, but we should/will remain vigilant as always to see if the correction develops into waterfall. So, Yes looks like gold is holding up, but stay in touch please to see if we are not simply put to sleep by these markets...
Good To hear from you and Good Trading
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