Oil is beginning its next leg up.
Last week the fundamentalists were calling for a retest and lower lows. This week oil has broken above its 200 DMA just like I predicted it would. How many times can these guys get it wrong?
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Apparently over and over. Good call G, and great nightly report last night. I’ve decided to stick to plan after what you wrote.
HUI 255 next stop, as suggested by the bull flag? http://www.safehaven.com/article/41086/commercial-gold-traders-appear-to-be-losing-their-grip
The Fed had an expedited “secret” meeting yesterday, but also has two more planned, one today and one tomorrow. What the heck is going on?
IBB 271.2 is strong support. if it breaks it could be considered a false breakout and could drop hard
Good morning Bill,
I learned over time that when support was broken it did indeed suggest lower prices over time, but in the immediate future the support was more likely to be recovered. In other words I no longer sell breakdowns or buy breakouts as they occur, there usually seems to be a better exit point right around the corner. In fact, I would buy into the XBI breakdown if I were a short term trader, say 3 or 4 day hold times. 🙂
Up this week as stated on April 6-7
Down week into Aprill 22
Nice end of the day surge in Labu