As usual, the market continues to defy gravity… LOL. Too be expected I guess. So much for the pullback to get long into, as I’m not chasing it. If I don’t get the chance to go long, I’ll just wait to go short… which should be by this Friday.
I see some short term selling coming GL, and it could come as early as tomorrow? I do think there is more on the upside, but first there needs to be some selling first to reset the overbought short term charts. I thought we might get that today, but they just made it more overbought instead.
Yes, having a “bias” to one side or the other can kill you. I also thought gold might go back down, but I never shorted it… too risky. It doesn’t always trade from charts, as it’s a “fear” play and can get extremely overbought before selling off… defying the charts of course.
Not enough of a pullback for me to go long, and the charts are still too overbought on the 60 min and 2 hour chart. Best to sit this one out for the day probably.
I’m thinking of going long at the end of the day if the charts line up properly. It will only be for a day or two though. Light volume this week, so I can see it popping up tomorrow and/or Thursday. Also, from Cobra’s site: “First trading day in September, S&P up 11 of last 15, back-to-back huge gains 1997 and 1998, up 3.1% and 3.9%.”There is still Mutual Fund money that gets put into the market on the first of the month gang… don’t forget that. This light volume will allow them to push the market up, so I’d cautious shorting right now.
As usual, the market continues to defy gravity… LOL. Too be expected I guess. So much for the pullback to get long into, as I’m not chasing it. If I don’t get the chance to go long, I’ll just wait to go short… which should be by this Friday.
I see some short term selling coming GL, and it could come as early as tomorrow? I do think there is more on the upside, but first there needs to be some selling first to reset the overbought short term charts. I thought we might get that today, but they just made it more overbought instead.
I am still short from the 1204 level and holding.
Yes, having a “bias” to one side or the other can kill you. I also thought gold might go back down, but I never shorted it… too risky. It doesn’t always trade from charts, as it’s a “fear” play and can get extremely overbought before selling off… defying the charts of course.
I wanted to short Gold a while ago, but consulted the calibrator and it told me to go long. But, I didn’t. Short bias, and bias’ can kill ya.
Not enough of a pullback for me to go long, and the charts are still too overbought on the 60 min and 2 hour chart. Best to sit this one out for the day probably.
CRUDE OIL Chart: http://niftychartsandpatterns.blogspot.com/2011/08/crude-oil-moving-up-from-triangle.html
I’m thinking of going long at the end of the day if the charts line up properly. It will only be for a day or two though. Light volume this week, so I can see it popping up tomorrow and/or Thursday. Also, from Cobra’s site: “First trading day in September, S&P up 11 of last 15, back-to-back huge gains 1997 and 1998, up 3.1% and 3.9%.”There is still Mutual Fund money that gets put into the market on the first of the month gang… don’t forget that. This light volume will allow them to push the market up, so I’d cautious shorting right now.
Howdy gang…. just got back from Orlando. Looks like I didn’t miss much.
SPY Trend update: http://niftychartsandpatterns.blogspot.com/2011/08/spy-trend-update_30.html