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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GDX short-term trade
Something not right
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.