maybe its the holiday light trading but even with higher highs 2
days in a row on the SPX, the calls I took profits on the other day
are still
belowwhere I took profits.
I don't trust this move up---not confirmed by the DOW, yet, and
not looking as strong a potential wave 3 as I would like. Maybe it
take until Monday to kick into high gear?
Really tempted to put on a very small short here while watching
paint dry! Could this be some sort of extended 5th wave up from
yesterday??
I have the same feeling for GDX: the flush-out type bottom has
not been put in. Market makers like to do sharp moves near holidays
when everybody is away. Is it prudent to take profits here
expecting a retest of the 1065-1070 on gold's futures? Any
intelligent suggestions are welcome.
We did break out of the wedge on 60-minute charts. Does it give
any credence to the upward move? Still doubting..
on GDX> This is probably only the expected bounce after such
a nice decline these past couple weeks. Keep an eye on the
dollar.
Meanwhile, I can't make heads or tails of an SPX count now, very
short term that is, but at this point I'm guessing things may be
more bearish than bullish. hard to say with holiday volume etc.
Probably should follow steve and tom and just get out of the
office.
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Something not right
Posted by perthx on 23rd of Dec 2009 at 09:49 am
maybe its the holiday light trading but even with higher highs 2 days in a row on the SPX, the calls I took profits on the other day are still belowwhere I took profits.
I don't trust this move up---not confirmed by the DOW, yet, and not looking as strong a potential wave 3 as I would like. Maybe it take until Monday to kick into high gear?
Really tempted to put on a very small short here while watching paint dry! Could this be some sort of extended 5th wave up from yesterday??
GDX short-term trade
Posted by junkie on 23rd of Dec 2009 at 10:01 am
I have the same feeling for GDX: the flush-out type bottom has not been put in. Market makers like to do sharp moves near holidays when everybody is away. Is it prudent to take profits here expecting a retest of the 1065-1070 on gold's futures? Any intelligent suggestions are welcome.
We did break out of the wedge on 60-minute charts. Does it give any credence to the upward move? Still doubting..
Just a Bounce
Posted by perthx on 23rd of Dec 2009 at 10:14 am
on GDX> This is probably only the expected bounce after such a nice decline these past couple weeks. Keep an eye on the dollar.
Meanwhile, I can't make heads or tails of an SPX count now, very short term that is, but at this point I'm guessing things may be more bearish than bullish. hard to say with holiday volume etc. Probably should follow steve and tom and just get out of the office.