thanks for letting us know what you did, rank10. It really
looked like after the gap down first thing this AM, in both
commodities and the market, they moved up in a wave 1, then pulled
back in a wave 2, and started the beginning of a wave 3 advance
into the close today. Hope so for your sake and trade, and
would be nice too if this leads into a recovery from the recent 12%
correction for the market, and can take longs again. Wouldn't
mind another rocketship up like from Feb.-April back to a double
top of 1220, but that's getting too optimistic, have to take what
the market gives us.
Commodities were always lagging relative to the general market,
just look at the CRB from the last year to the recent highs, it was
never impulsive and they topped out in Jan.
but as far as the general market, yes this whole pullback from
the Apr 26th highs could be a large ABC pullback with A at the 1065
low on May 5th, B at the 1173 high bounce on May 13th, and this low
yesterday being wave C. We'll see, but that's the bullish
case; even if that's the case, I think it' has a little chopping
around to do and the MACD on the daily charts has to cross up
again.
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GDX
Posted by rank10 on 21st of May 2010 at 03:57 pm
this morning i posted that i bought several gold stocks on the open
so far the GDX has held support
im going to hold my positions till next week and see what develops
thanks for letting us know...
Posted by sonia on 21st of May 2010 at 04:20 pm
thanks for letting us know what you did, rank10. It really looked like after the gap down first thing this AM, in both commodities and the market, they moved up in a wave 1, then pulled back in a wave 2, and started the beginning of a wave 3 advance into the close today. Hope so for your sake and trade, and would be nice too if this leads into a recovery from the recent 12% correction for the market, and can take longs again. Wouldn't mind another rocketship up like from Feb.-April back to a double top of 1220, but that's getting too optimistic, have to take what the market gives us.
Commodities were always lagging relative
Posted by matt on 21st of May 2010 at 04:36 pm
Commodities were always lagging relative to the general market, just look at the CRB from the last year to the recent highs, it was never impulsive and they topped out in Jan.
but as far as the general market, yes this whole pullback from the Apr 26th highs could be a large ABC pullback with A at the 1065 low on May 5th, B at the 1173 high bounce on May 13th, and this low yesterday being wave C. We'll see, but that's the bullish case; even if that's the case, I think it' has a little chopping around to do and the MACD on the daily charts has to cross up again.