It was a terrific day, but I'm rather underexposed – – – I'm staying a skosh cautious since we've had so many "one day wonders". I need to do some stuff, but I'll be back later to share my latest thoughts on the markets.
Slope of Hope Blog Posts
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Broken GLD
My precious metals shorts have done well for me; GLD now has broken a major trendline. Precious metals could be in serious trouble now.
OIH versus UNG
The disparity between OIH and UNG has caused a lot of traders to take notice. Today, with pretty much all assets down in value, UNG is up over 6% – very impressive! You can see in the graph below how there's a huge gap between the price of OIH (shown in blue) versus UNG (shown in black). The market appears to be in the process of reducing the size of this gap.
Why So Quiet?
I haven't been posting much of anything this morning because things have simply been going to plan. When things are going well, there's not much to say. There's not much to do, either, except tighten up stops. I will say that I've lightened up on my gold shorts, since those could be finding a soft area of support area here. Equities remain vulnerable until 880 on the S&P, so I'm letting all those positions ride.
Snap-a-Dee Doo Da
It's been a super morning so far. Gold and oil are getting smashed (huzzah!) and equities are quite soft.
I think the bears are going to take the upper paw here. As I've said a number of times, 880 is my target for this little tumble. There isn't anything I'd be long right now, except for the ultrashorts. Here's the /ES:
