The Jobs report just confirms a debt ceiling raise and QE lite program to be instituted. Think stocks will rally after another round of easing? They aren’t cashing out of this ATM just yet. We are too far from elections, IMO.
Silver did bounce Cletus, as you thought it would. But now it looks to be headed down to major support at 33. I’m surprised it broke through the support at about 35.10 today, but it looks like it wants the 2 gaps filled below. The first one at 34 and then 33, which I would be a buyer with both hands at that level. It should have a multiday rally off of it I believe.
I think we will close higher today, but not before a lower low is put in. You don’t know the time frame that big buyer is working with? He could be planning on hold for several months or more, which is fine for him as he can ride out the whipsaws… not something us short term traders can always do. I’m still short from taking a late day short yesterday. I’ll exit today though, as I do expect a short term bottom to be put in today.
Silver bouncing pretty hard. Could see a C wave extend into the 38 zone. A breakdown of 36.40 is bad but that’s a ways to go because volatility on silver has already moved higher, meaning the bears are weak right here.
No, I can’t out-trade the Fed, er……someone with deep pockets……
I’m actually looking for a higher high in IYR. But looking at the pattern, it shouldn’t rally back up. If it does, it’s a huge break from the norm and that means something is up. I wouldn’t be surprised to see some odd things happen this month.
I guess the question you should ask yourself is: Do you think you can out-trade the person who placed massive buy orders on IYR at the close? A person who trades huge blocks?
ES Near a trend line: http://niftychartsandpatterns.blogspot.com/2011/06/es-near-trend-line-in-daily-chart.html
The Jobs report just confirms a debt ceiling raise and QE lite program to be instituted. Think stocks will rally after another round of easing? They aren’t cashing out of this ATM just yet. We are too far from elections, IMO.
Here’s a quick video update gang…
http://screencast.com/t/FEvQWDtbZT
Silver did bounce Cletus, as you thought it would. But now it looks to be headed down to major support at 33. I’m surprised it broke through the support at about 35.10 today, but it looks like it wants the 2 gaps filled below. The first one at 34 and then 33, which I would be a buyer with both hands at that level. It should have a multiday rally off of it I believe.
I think we will close higher today, but not before a lower low is put in. You don’t know the time frame that big buyer is working with? He could be planning on hold for several months or more, which is fine for him as he can ride out the whipsaws… not something us short term traders can always do. I’m still short from taking a late day short yesterday. I’ll exit today though, as I do expect a short term bottom to be put in today.
Look at IYR surging. DRN up 3%.
And people want to challenge me on it.
More importantly, they want to challenge the $50 million buyer yesterday at the close. Not smart.
I am expecting a lower low today, but I think we’ll close positive before the day is over. Probably just a “pause” day.
Silver bouncing pretty hard. Could see a C wave extend into the 38 zone. A breakdown of 36.40 is bad but that’s a ways to go because volatility on silver has already moved higher, meaning the bears are weak right here.
No, I can’t out-trade the Fed, er……someone with deep pockets……
I’m actually looking for a higher high in IYR. But looking at the pattern, it shouldn’t rally back up. If it does, it’s a huge break from the norm and that means something is up. I wouldn’t be surprised to see some odd things happen this month.
Volume tells more than a candlestick pattern.
I guess the question you should ask yourself is: Do you think you can out-trade the person who placed massive buy orders on IYR at the close? A person who trades huge blocks?