Daily Archives: December 5, 2013

Impatient with Gold

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I came into the day with 94 short positions, the two largest of which were FXE (the EUR/USD, basically) and GLD (gold). I covered the FXE at a loss, but the profit on GLD was over three times the FXE loss. Better still, it looked like gold was going to have a fantastic down day, since it was deep red in spite of the amazing EUR/USD strength. Sadly, I’ve gone ahead and covered (still with a solid profit) since it failed to break yesterday’s low. I confess I’m getting a bit impatient with this move. My target is shown as the red dotted line. (more…)

Another Inflection Point

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SPX tested the daily middle bollinger band hard yesterday but closed above it. My main target support level is at the daily lower bollinger band and to make that is going to require a close below the middle bollinger band, ideally this week but possibly as late as next Monday. Meanwhile this area is an important inflection point and I have both bull and bear scenarios in play here. SPX daily chart: (more…)