Not so sure.  SPX is likely only pulling back short term, then another rally up towards 1260.  Gold's been moving inverse, so if SPX plays out, gold should drop.

thx for the longs.  A good counterbalance to the shorts in GDX etc.

Matt, the 60, 3 stochastics have been > 80 all day today.  Isn't that a favorite short of yours - go short the end of the day I think, right? If it holds til 4 p.m., that is.

Matt, thx for the commodity newsletter.  Curious why you don't see the gold correction as being in B of a simple ABC correction.  With such a steep initial move down, it seems to me the bounce was a snapback and it might well go down to a lower low in a C wave.  I don't own gold and I'm looking for an entry, that's why I'm so interested.  

The volume on the pullback on TLT has been lighter than the upsurge.  I took a small short of the market near the highs.  So far so good, but if TLT breaks the 15 min chart uptrend line, i'm out.

I'm thinking I should start.

Thanks Matt.  I'm more perplexed than ever, though.  Everyone says if Bernanke doesn't do QE3 the market will go down.  Presumably "they" would know how the bond market would react as well (i.e., down too, presumably).  I sold my TBT position, and I am astounded at this move up.

Matt, or Steve, etc., can you try to make sense of the trading action on the bonds - TLT/TBT?  Thank you.

Don't know about that, (I need to look up "three mountains" in Nison's book) but two things have my attention on the daily:

1.  We had a higher high on Monday compared to the 7/25 high but the MACD did not confirm: negative divergence is present.

2. The "K" signal line on the 60, 3 stochastics crossed below 80% today.

OTOH, today's volume was about 108% of average, which means it could be more than a snap-back bounce. It can certainly go higher, but I chickened out and sold my GDX today.  So hard to stick to the mechanical system!

Out at 61, took a small short w/ a stop over the last high at 61.08.

Great question!

It did break!  I took it.

Well, I sold 1/2 at 61.40 and stopped out of the other 1/2 at 60.38. Nice tool though!

eh, not so much.

Bull flag on GDX, looks like it's going to go.

Actaully, GDX looks like it could have more upside, if gold continues to bounce or at least stays relatively flat.  I have a stop below yesterday's lows.

Yeah I am definitely watching that trendline.

Man, really pulling back mightily here from the breakout.  Any advice on a stoploss?  Currently I have it at 43.40.

On my GLD chart, it shows that it's jumped down below the support uptrend line.  Why the difference?

currently @ 45.88 asking. Hope it comes back down to my limit order!