The USO (oil) is very toppy and ready to pull back some. It has some heavy resistance at 40.50, but might pullback before it gets there.
GLD is above all the moving averages and should bounce off the 20ma and 50ma as they are merging together around 109.
However, it could go either way on Gold, as a rise in the dollar, and sell off in the market should push Gold down. But, if the sell off in the market creates fear, because it's falling too fast, then Gold was rise as a flight to safety would occur.
So, I'm bearish on the USO, but neutral on the GLD, is it could go either way? But yes, most all commodities are overbought now, and should pullback soon.
Red, everything you have written I agree with. gonna short, again, tomorrow. My belief is commodities will lead on the market lower, and that is their general tendency. Gold being the herald, up or down. do you have any thoughts in this regard? tia
I'm doing the one day at a time thing 🙂
Market seems to want to go up. TNA is getting silly at this point.
How about an hour notice? Help a poor guy out!!! LOL
No problem. I need one days notice so I can get out of the way 🙂
Good for you. I am glad somebody is on the right side of the market. However don't get mad at me because I need it to come down for a while.
Good Morning, Gcocks.
Had some TNA overnight. Watching it go up today.
GM Earl, Watching TZA go down again. What you doing?
Carl just now:
March S&P E-mini Futures: Today's range estimate is again 1131-1145. I expect the market to reach 1200 over the next three months.
1131-1145 estimate today for /ES (14 points)
1131-1145 estimate yesterday for /ES (14 points)
Owns 1 unit of /ES at 1138.50 from yesterday (currently down 5 points)
Range today is -2.50 to +11.50 from current (1133.50)
The USO (oil) is very toppy and ready to pull back some. It has some heavy resistance at 40.50, but might pullback before it gets there.
GLD is above all the moving averages and should bounce off the 20ma and 50ma as they are merging together around 109.
However, it could go either way on Gold, as a rise in the dollar, and sell off in the market should push Gold down. But, if the sell off in the market creates fear, because it's falling too fast, then Gold was rise as a flight to safety would occur.
So, I'm bearish on the USO, but neutral on the GLD, is it could go either way? But yes, most all commodities are overbought now, and should pullback soon.
Red, everything you have written I agree with. gonna short, again, tomorrow. My belief is commodities will lead on the market lower, and that is their general tendency. Gold being the herald, up or down. do you have any thoughts in this regard? tia
I have TNA over night, so I rather hope Carl does well on this trade 🙂
Sounds like he is starting to get on your nerves 🙂