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spx 1920 now, if NFP couldn’t move it down-down, what also can? so, gold finish? maybe moves to 1145 (sma300 at 8hr) …
Still holding SPY puts, but now long IWN with a stop at the LOD. Absolutely sick of the markets being propped up on terrible economic news.
M with you Dan its disgusting to watch on a daily basis…they’re not even hiding it anymore its open and in our faces…
Like I said you need to wait till the market breaks below Tuesday’s intraday low before trying to short.
Gary – like you.. I’m rather bullish on Gold right now but looking at it purely from a technical point of view, a triangular consolidation normally breaks in the direction of the trend.. which in this case is to the downside, wouldn’t you agree?
That’s my worry, too. Maybe after today’s POP we get a Monday DROP. Like Gary said though, have to see what happens Monday. This could be the beginning of a new trend up.
He would agree but it is way overdue for an intermediate up cycle. On the weekly, miners are set to move up 30% from here.
Normally a triangle is a continuation pattern but I have seen them form as a bottoming pattern too. It just depends on which side the brekout occurs on.
I’m liking my DUST shorts today….beats the heck out of shorting SPX. SPX UP 1% on a crappy employment number….DUST down over 20%. Even if GDX eventually works its way to single digits, I will still win….mark my words. 🙂
Meanwhile Crude blazing higher.
HUI and GDX have breake out its downtrend line, that is important sign for GOLD and its miner to bull trend.
Weekly hammers everywhere, what else do you want?
https://www.linkedin.com/pulse/stocks-never-go-down-again-william-yii
Updated with VIX chart for sniffing a top!
Jay,
How do those DUST puts work out compared to GDX calls?
I bought some 13.50 weekly calls at around 3:30 p.m. on Thursday, at 13 cents. Sold them Friday at 71 cents, though they went to 95 cents by close.
I see the 25 DUST puts would have done even better — the low volume is a concern.
I’m short DUST calls which isn’t for the feint of heart. 🙂
Odds are pointing to an immediate correction next week? Expect miners to lead the path in coming weeks given a less complicated resistance versus gold’s…
https://www.linkedin.com/pulse/gold-go-so-fast-william-yii?trk=prof-post
Buy signal?
https://sasafuturestrading.wordpress.com/
Bye
I don’t know guys all I see are buy signals everywhere. Gold, energy and in equities!
In fact swing low confirmations in Gold, HUI, Crude and XLE,
Double swing low confirmations in ALL US Indices
Swing low confirmations in many beaten down stocks as well in Megatron stocks like AMZN.
Sold all of my long positions in Crude at Friday’s close with anticipation of a slight pullback to reengage come Monday as well as select above long endeavors.
Good luck shorts.
Friday’s big move was nothing but a short squeeze. The shorts piled on at the open and had to cover.
Thank you for your I assumed general sentiment from the bearish camp which will help my cause come Monday and on.
Welcome David. Thanks goes to Gary for hosting this public forum for non-subscribers. It is a good place for bouncing off our 2cents’ view while considering others’.
Really likes the check and balance here…
Gold seems to be situated it the end of a 3 month month long cup and handle formation, where the ‘handle’ is carving out a symmetrical triangle. Break up targets $1250 as an abortion of that ominous looking long term HS formation may cause a shorts squeeze/panic.
The Euro is now finalizing a very bullish looking reversal formation targeting 1,25 (+ the Usd is statistically weak in pre-election years..)
http://schrts.co/bBLMXZ
http://schrts.co/OvNIo3