Interesting that Steve brought up the dollar bottoming scenario
last evening as potentially ending wave C of the bear market rally.
Also interesting, almost everything I read is calling for a
rally to 1100 or so -- 1000 is a gimme.... sounds eerily similar to
that head and shoulders top that had 825 as a done deal too.
Perhaps gold equities are leading us down again off the top?
XAU is getting crushed. The market won't tolerate a
stronger USD and I think gold is telling us the dollar is getting
ready for a big move off the bottom.
Probably too early to tell yet, but does July 28 meet the
minimum fibonacci time retracement for wave B of counter rally?
Posted by pamjohnsp4 on 28th of Jul 2009 at 12:46 pm
My feelings as well. Isn't it surprising how it
works! Isn't it what you least expect and no one is talking
about. Interesting how the Yen Euro cross tried to get
through 136 this am and then sewered. I guess we'll hate to
wait and see.
Yep, the US Dollar is the Key for sure. When it
bottoms, the market is done. And regarding gold stocks,
actually my 60 min GDX/GLD ratio gave a sell signal last week, I
guess it's playing out now, see the chart
I was just thinking about that H&S pattern that caught
everyone with their pants down analogy. Everyone and their mother
is talking about the fib targets on the S&P and Dow.
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Gold equities telling the story?
Posted by kalinm on 28th of Jul 2009 at 11:57 am
Interesting that Steve brought up the dollar bottoming scenario last evening as potentially ending wave C of the bear market rally. Also interesting, almost everything I read is calling for a rally to 1100 or so -- 1000 is a gimme.... sounds eerily similar to that head and shoulders top that had 825 as a done deal too.
Perhaps gold equities are leading us down again off the top? XAU is getting crushed. The market won't tolerate a stronger USD and I think gold is telling us the dollar is getting ready for a big move off the bottom.
Probably too early to tell yet, but does July 28 meet the minimum fibonacci time retracement for wave B of counter rally?
My feelings as well. Isn't
Posted by pamjohnsp4 on 28th of Jul 2009 at 12:46 pm
My feelings as well. Isn't it surprising how it works! Isn't it what you least expect and no one is talking about. Interesting how the Yen Euro cross tried to get through 136 this am and then sewered. I guess we'll hate to wait and see.
Yep, the US Dollar is
Posted by matt on 28th of Jul 2009 at 12:01 pm
Yep, the US Dollar is the Key for sure. When it bottoms, the market is done. And regarding gold stocks, actually my 60 min GDX/GLD ratio gave a sell signal last week, I guess it's playing out now, see the chart
I was just thinking about
Posted by tarzan on 28th of Jul 2009 at 12:00 pm
I was just thinking about that H&S pattern that caught everyone with their pants down analogy. Everyone and their mother is talking about the fib targets on the S&P and Dow.