Dear Readers. Technically speaking the pressure gages are indecisive meaning that market can go any way in short term. What can be inferred unmistakeably, though , is that there is not much of an upside potential without first having the buy pressure increase and that can only come with declining stocks. So, watch the limits and be alert on both sides, while preferring the the short side. Remember the intermediate term outline given in "August Again". Gold has recovered the loses from previous day as expected, and could create a final spike after the options expire ( today), which would bring the long expected end of month. Energy may have the spike if the GOLD does. Do not expect any of these spikes to last though. Story of currencies unchanged. Dollar is chased down towards 80. Good Trading
9 comments:
sold all positions of GG bought @24. Let's see what the next couple of weeks bring.
Dear Rent
Good For you. While there is a potential for a day or two of explosion on the upside, I am getting careful about gold/stocks etc. Good Trading
HI BORIS, HOW ARE YOU? I HOPE TRADING is been good IN PAST FEW DAYS. I HAD A QUESTION REGARDING A SPECIFIC STOCK (AMGN). DO U HAVE ANY THOUGHTS FOR A BOUNCE OR ANY IDEAS ON WHAT POSITION TO TAKE ON THE STOCK. THANK U FOR UR PATIENCE.
SAM
Dear Sam, Hi how are you. Sorry I saw this just now. AMGN is obviously in the decline. The next support level is 53.14. I think we will get there within next 2-4 months. Would I sell it here, no way the support area is too close for that. If we were to penetrate the 53.14 though then we could visit 44.04. OUCH... Now looking at $BTK index it seems to me that it hit the support at 700 and heading higher. So, that is a good sign for AMGN as well, but I would wait to hit the 53 area before starting to nibble at it.
GOod Trading Sam.
the dollar looks like it will resume its decline against the yen in the next 4-5 days. more unwinding of the carry trade?
Hi Boris
Perhaps we get that spike in Gold and stocks after Bernanke comes out tomorrow. A great shorting opportunity?
Danno
Dear Rent,
Amen... about the Dollar, I would caution though that, stock market maybe somewhat emmuned to the carry-trade unwind for few weeks at least. Later on( after early May) it may take it harder. Good Trading
Dear Danno, certainly possible. It could also be that Iran's capture of British Marines could spike for a day or two. Gold seems tired, I certainly expected much more than it was able to do so far. Silver is even weeker. Sell Silver Buy GOld may work very well, no that I come to think about it...
Good Trading Danno.
Boris thanks!
It looks like the yen is heading to 109-110. Too early to say for sure.
The dollar looks weak and could not breakthrough 118.40.
Post a Comment