Looks like last week was 30 weeks from the 9-14 high. I thought we still had a couple of more weeks to go so it does look like this past week should be a high. A sometime dominant cycle should have come into play. They disquised the last incarnation of it pretty well. Also a Fib 21 weeks off the November low.
Red, every crash has a catalyst, no QE, Obama winning= ie capital gains/taxes, banks in 08. So, just my thoughts, if some catalyst soon reveals itself, That would be the time in my opinion. Maybe Bernanke will be saying something or something comes to an end
Along with gold, crude oil is down big. It has put in a TD mega-bearflip on the daily dropping down to its lower BB which is flaring wider. Also looks to be some sort of wave 3 after putting in a 1-2 off the recent highs.
How the Dow is holding up so far is amazing. But declines off the top usually start off slow. It was nice to see the Dow bounce back downward after getting back to unchanged. Breadth is still quite negative. Should drop a certain little indicator back below the 0 line but we still have a few hours left.
I may be wrong (lots of times) but going to wait for a possible double bottom in gold (1491) before playing a bounce…if I miss it….well there’s lots of fish in the sea…so to speak!
Have a great weekend all!
By the way, sometimes the price is misleading on days where there’s no volume. I checked that .14 cent level and it was a bid for 196 shares (that’s $27.44), which made the stock look like it had fallen hard. I think someone is short it and trying to shake out the weak hands and get then to sell at dirt cheap prices. This usually happen right before a stock runs up hard from something positive happening. I will give details over the weekend.
Yeah… I wish you would have done a spread. Then you wouldn’t have lost that much. I sold out for a small lost today on my put spread as I got out a little too early. I actually could have broken even if I would have waited a little longer. But, I decided to turn and go long into next week as I believe they will go up to that 1620-1630 range before ending this run. (Do note that I’m only doing a small position again as I want to make sure I’m ready for late May).
Looks like last week was 30 weeks from the 9-14 high. I thought we still had a couple of more weeks to go so it does look like this past week should be a high. A sometime dominant cycle should have come into play. They disquised the last incarnation of it pretty well. Also a Fib 21 weeks off the November low.
GOLD Weekend update: http://niftychartsandpatterns.blogspot.in/2013/04/gold-weekend-update.html
Red, every crash has a catalyst, no QE, Obama winning= ie capital gains/taxes, banks in 08. So, just my thoughts, if some catalyst soon reveals itself, That would be the time in my opinion. Maybe Bernanke will be saying something or something comes to an end
This market is beggining to piss me off. It looks like 1585 is new support
Along with gold, crude oil is down big. It has put in a TD mega-bearflip on the daily dropping down to its lower BB which is flaring wider. Also looks to be some sort of wave 3 after putting in a 1-2 off the recent highs.
How the Dow is holding up so far is amazing. But declines off the top usually start off slow. It was nice to see the Dow bounce back downward after getting back to unchanged. Breadth is still quite negative. Should drop a certain little indicator back below the 0 line but we still have a few hours left.
I may be wrong (lots of times) but going to wait for a possible double bottom in gold (1491) before playing a bounce…if I miss it….well there’s lots of fish in the sea…so to speak!
Have a great weekend all!
By the way, sometimes the price is misleading on days where there’s no volume. I checked that .14 cent level and it was a bid for 196 shares (that’s $27.44), which made the stock look like it had fallen hard. I think someone is short it and trying to shake out the weak hands and get then to sell at dirt cheap prices. This usually happen right before a stock runs up hard from something positive happening. I will give details over the weekend.
Yeah… I wish you would have done a spread. Then you wouldn’t have lost that much. I sold out for a small lost today on my put spread as I got out a little too early. I actually could have broken even if I would have waited a little longer. But, I decided to turn and go long into next week as I believe they will go up to that 1620-1630 range before ending this run. (Do note that I’m only doing a small position again as I want to make sure I’m ready for late May).
looking at 157.5 area. But took a hit yesterday on the small lift. That’s the ***** about going dtraight puts
Good thing I didn’t buy…..was thinking that 1526 would have held for a bounce over the short term! Hmmm now…low 1491.40….maybe? Smile!