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WARNING … EWT is mentioned in this blog!!
Gold is bouncing in the minute Wave 4 of the first leg lower here as I had predicted … the bounce has been stronger than I was expecting but it is now entering what should be the maximum retracement area …
Gold ETF (GLD) 15-min charts:
I've started to short GLD here and plan to stage into the trade as/if price continues to push into the "blue zone" …. my stop is $0.25 above the top of that zone ($178.07).
Cheers … Leaf_West
The stock model is updated to reflect today’s market move. You can download the entire Excel output file at FocalEquity.com.
For 08/26/2011 trading day, we are going to focus a long position in EBAY (EBAY Inc.) and a short position MRK (Merck) (charts provided by contributor Roller Coaster).
Well, quite a day so far. I've trimmed back my exposure to 40% in light of a stunning Hole-based reversal. I think going long at these levels is quite risky, so I continue to cite the mantra "cash is my long position." You can see over the past few weeks how we've been bouncing inside a symetric triangle.
Color, Mania, and Hedging Gold
Below are some thoughts on hedging gold, but before that, a quick aside, prompted by a chapter I read today in The Slope of Hope Bathroom Reader. On p.28 ("Color and Mania in the Valley), Tim mentions the mobile app Color, the creators of which received an astonishing $41 million in venture financing, as an example of the recent bubble in tech. As it happens, one of my daily clicks is the iOS app tracker AppShopper.com, which provides hourly rankings of Apple iOS apps. (Editor's Note – thanks for the book mention, Dave!)
