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Really enjoy your commentary since finding the korelin economic report. Is it price action in the price of gold and miners, or the move in dollar weakness/strength that will ultimately determine gold’s fate?
Gold will pick up steam once the dollar cycle tops.
Gary you must be my twin……. Night owl by night and a grinder by day!
I’m thinking oil too has bottomed here as well with the exact general sentiments……. What are you thinking here?
Aloha — M.D.Cov
Hopeful on oil but need to see a trend line break for the first confirmation.
This might be premature but to “err on the side of caution” since I didn’t see today’s EARLY slam on my equities in which had NO steam to unload throughout the session, I’m going to take advantage of positive futures in early am trading and unload my positions.
HOLDING metals ETF’s (longer-haul oriented/obvious profit-taking but dollar cost averaged LOWER so won’t sell yet) and will dive right into an oil ETF at the open (early weakness profit-taking trading/MISSED out on today). Also going to double my position in SAME ETF with a limit order via her 62.5% retracement arena bait level for ULTIMATE and hopeful pricing.
For the record: 4 equal positions in one metals ETF and 3 equal positions in the other in which I will replicate in the oil ETF IF market conditions come to fruition. IF proven wrong and future market conditions prevail I will again re-purchase my equities of choice at ideal junctures but as I said before didn’t like today’s tape and will go to cash.
FWIW — M.D.Cov
Today:
Bought ONE intial position in an Oil ETF
Sold ALL 6 LONG equities (2/6 worked out however 4/6 DID NOT)……. US Indices TODAY looked normal and has given me relief however clearly it was premature on my part to have raised cash but oh well (better to be safe than sorry) at least I have “dry powder” to add tomorrow.
Tonight:
Oil has risen overnight thus far and more importantly HELD her 50% FIB retracement level via $66.61 TWICE today which is VERY bullish.
Gold TOO HELD her 50% FIB retracement via $1195 last night and thus far too and stabilized in higher ground overnight thus far which again is bullish.
Silver has obviously displayed the most resilience and slightly lower overnight thus far as expected……. all and all bullish.
Tomorrow:
Looking to add in my gold ETF via limit a 4th position.
Looking to add in my oil ETF via limit a 2nd position.
Looking to add definitely in one of my previously held equity tomorrow via limit at this juncture in time and more as market conditions arise.
FTR: Long one gold ETF
Long one silver ETF
Long one oil ETF
FWIW — M.D.Cov