We can't cover everything all the
time, especially when nothing has changed.
We are expecting gold stocks to
possibly put in an oversold bounce soon, but I think it could be a
wave B bounce to lower highs, and then a wave C sell that would
result in capitulation. Gold stocks also don't necessarily move
with the metal. Also, GDX is still in a downtrend, no reason
to go Long yet, and again I think it would be for a bounce, not a
major bottom. Still see the potential for gold testing the 65
week MA over time
I'd rather short a bounce, really
support is about $120 - $121.5 on crude itself, we'll see, maybe it
doesn't bounce, but for now it's still above support on the crude
chart (not the ETF). Momentum traders could have shorted 1st thing
this morning, but now the risk/reward is not as good for swing
traders. Let's see what happens.
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DZZ Ultra Short Gold - Was
Posted by matt on 29th of Jul 2008 at 10:08 am
DZZ Ultra Short Gold - Was discussed yesterday and is on the Watch List
Sorry gold bugs, I'm one myself, but it would be better if gold pulled down to that 65 week MA
Gold
Posted by kreem on 29th of Jul 2008 at 03:37 pm
Getting some very mixed signals from you two on gold
Matt's got it on the watch list short from here yet is looking for a GDX long,
Dodger doesn't cover it in the evening at all but says it's a short term long.
It's hit support on good volume - what do you say at this stage? Better to just steer clear?
We can't cover everything all
Posted by matt on 29th of Jul 2008 at 03:40 pm
We can't cover everything all the time, especially when nothing has changed.
We are expecting gold stocks to possibly put in an oversold bounce soon, but I think it could be a wave B bounce to lower highs, and then a wave C sell that would result in capitulation. Gold stocks also don't necessarily move with the metal. Also, GDX is still in a downtrend, no reason to go Long yet, and again I think it would be for a bounce, not a major bottom. Still see the potential for gold testing the 65 week MA over time
gold
Posted by rafe on 29th of Jul 2008 at 01:35 pm
Have no problem with pull back----Almost entirely sidelines----------------WAITING.
matt - thanks -- was
Posted by Michael on 29th of Jul 2008 at 10:16 am
matt - thanks -- was just goping to ask you or steve if you had a target for DZZ.
matt
Posted by dylan398 on 29th of Jul 2008 at 10:11 am
OIL that you posted yesterday broke..are you a buyer or waiting for a shoulder??
looks like we may have a shoulderless....head and shoulder pattern
I'd rather short a bounce,
Posted by matt on 29th of Jul 2008 at 10:22 am
I'd rather short a bounce, really support is about $120 - $121.5 on crude itself, we'll see, maybe it doesn't bounce, but for now it's still above support on the crude chart (not the ETF). Momentum traders could have shorted 1st thing this morning, but now the risk/reward is not as good for swing traders. Let's see what happens.