gold and gold stocks are down again today, however notice that
GDX found support at the lower trendline of the wedge, which is
support. You could have taken a shot at support with a tight
stop. Now it has work to do, the MACD needs to have a
positive cross, we have the downtrend line to contend with, and the
GDX/GLD ratio needs to break the trendline.
I have a mixture of both longs and shorts (Stocks and Options).
GDX was one of the longs I bought today at that lower trendline. In
the short term, I can just as easily see the next move being up as
down for the general market. No reason to get too bearish or
bullish right now in the short term. Just my opinion.
hello
scyee, yes TLT has
a bottoming look to it and may have bottomed in mid Dec or have one
more new low but that would probably be it. Then I expect a
bounce in TLT and a pullback in 10, 20, 30 year rates. TBT
should pullback then as well.
TLT's RSI indicator is oversold as well. I think get out from
shorting TLT soon. Bonds up, SPX down or flat down, i
sent you an email today via thomas' email on
3month+10yr bond rising trend, lag 2years. the graph in my
email was wrong, i was in hurrry, anyway read Kevin's chart, i
gave url Link in email. Thanks,
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GDX 60 min comments
Posted by matt on 25th of Jan 2011 at 10:35 am
GDX 60 min chart
gold and gold stocks are down again today, however notice that GDX found support at the lower trendline of the wedge, which is support. You could have taken a shot at support with a tight stop. Now it has work to do, the MACD needs to have a positive cross, we have the downtrend line to contend with, and the GDX/GLD ratio needs to break the trendline.
GDX just gave a second
Posted by frtaylor on 25th of Jan 2011 at 11:57 am
GDX just gave a second chance down near the lower trendline, so I took it. Keeping the fingers crossed, and a stop at 52.
I have a mixture of
Posted by cw12 on 25th of Jan 2011 at 12:19 pm
I have a mixture of both longs and shorts (Stocks and Options). GDX was one of the longs I bought today at that lower trendline. In the short term, I can just as easily see the next move being up as down for the general market. No reason to get too bearish or bullish right now in the short term. Just my opinion.
Good risk/ reward. That's all
Posted by sharonrose on 25th of Jan 2011 at 12:11 pm
Good risk/ reward. That's all you can ask for.
Gold & Bond
Posted by scyee on 25th of Jan 2011 at 10:48 am
Hi matt,
gold usually go up when bond up & dollar down.
we have a breakout on TLT's on balance volume line today (since Dec.), goin up.
TLT may form a head & shoulder top to around 100s, close to its Fib. retracement at 38%?. Divergence on 30 yr bond on macd.
fyi, thanks & rgds,
hello scyee, yes TLT has a
Posted by matt on 25th of Jan 2011 at 11:07 am
hello scyee, yes TLT has a bottoming look to it and may have bottomed in mid Dec or have one more new low but that would probably be it. Then I expect a bounce in TLT and a pullback in 10, 20, 30 year rates. TBT should pullback then as well.
TLT
Posted by scyee on 25th of Jan 2011 at 11:13 am
TLT's RSI indicator is oversold as well. I think get out from shorting TLT soon. Bonds up, SPX down or flat down, i sent you an email today via thomas' email on 3month+10yr bond rising trend, lag 2years. the graph in my email was wrong, i was in hurrry, anyway read Kevin's chart, i gave url Link in email. Thanks,