Just to be sure I understand, the chart would imply that it is time to favor gold rather thatn silver?  Thanks.

Guy

Matt,

The comments were stop at 19 -20 OR wait for break in triangle.  It broke, hit 200 DMA, and is back in the triangle.  Are we to assume that you still believe it will likely bounce again in a wave C or 3?  Thanks for your insights.

UXG is back to support line on daily chart.  Bought it on break-out last week. Gold is going down.  Sell now, or hold for recovery?  Only losing 1% as of now. Any thoughts appreciated.

Looks like a bear flag to me with a drop imminent to 54-56, then back up again, but I am no TA expert! Would appreciate others views.

Great call. I'm thinking 4.9-5.0, but would appreciate your thoughts. Thanks.

Thanks, I'm in. Would your exit target be about 4.9?

Options expire ont he 16th.

Matt, jusst to be sure I understand terminology, are you saying that the action would suggest that the market is only making a small correction, but has not made an impulsive move indicating a change of direction (bearish). Did iread you correctly? Thanks. Guy

Sentiment Survey Results Week ending 9/8/2010   Bullish 43.9% up 13.1 Neutral 24.5% down 2.5 Bearish 31.6% down 10.6  

Be there for your Mom. I appreciate more than you know your personal approach to what you do. But in the big bicture, people are more important than things. the market will go up, the market will go down, but you can't get back this time with your Mom. best wishes and a prayer for her speedy recovery.

"If there is a gap, and it is going to reverse, it will do so 10-15 minutes after the opening 95% of the time. Please believe me on the odds, they are real. If the market continues in the direction of the gap after 10 to 15 minutes, it is a strong sign that the move will continue for the rest of the day, closing in that direction as well. Even if the market reverses after the 10-15 minute period, if it fails to fill the gap, odds are that the market will close in the direction of the gap." Victor Sperandeo, " Trader Vic II: Principles of Professional Speculation, pg. 231

Steve,

With the overlapping lines and colors, I can't figure out the significance of the red, fuschia, and green lines. Could you briefly explain?  I get the 62% retracement, but that's about it.  Thanks.

Guy

Thanks.  Me, too.

Perthx,

As you know, I'm still learning a lot.  Another EW source is calling this Wave C and looking for a turn-around by 1057.  Just FYI.

http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3779195

I presume that means more upside potential.  Do you have a target resistance point to short?  Thanks.

Thanks for the help, perthx.  Only problem is tomorrow is option expiration day.  Any further thoughts, based on that?