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Back in the late 1980s, the entire business world was obsessed with Japan. It's no wonder that this was the case: here was a country which had emerged from the ashes of World War 2 and had become the world's second-largest economy. They made high-quality cars, consumer electronics, semiconductors, plus they seemed to have a management style and work ethic that put the "good old USA" to shame.
As might be expected, a flood of books came out to instruct the business people of America how to best ape their Japanese betters. This fixation reached a fever pitch when American companies started hauling in their workers in the morning to do calisthenics, because if that's what the Japanese are doing, well by gum, that must be the secret: calisthenics. In the morning.
So far I've made one trade on the day and that is in Lululemon (LULU). So now I have a grand total of "2" short positions which includes SodaStream (SODA). I'm also stalking once again CheeseCake Factory (CAKE) in hopes of jumping in around $33.30 or so.
But the LULU setup is gorgeous. You have the triple top followed by a strong confirmation through support. Then we get the snap-back bounce right back to resistance, which is where i re-shorted at $70.00. Ideal stop-loss is at $72.63 with an initial target of $66. If things really pick up to the downside into tomorrow, LULU could see $66 get hit. Otherwise, I'll hold it into next week.
There were reasons for the mind numbing gold stock correction out of
the hysterical events of the 2011 Euro-led meltdown and its aftermath.
Take your pick…
+ Too many lousy gold mining operations not keeping on top of costs and/or execution projections.
+ Too many scammy smaller operations doing little more than issuing stock and telling stories needed to be weeded out.
+ Over bullish sentiment was that this time the gold bug true
believers really were going to take Hamburger Hill as Europe’s implosion
would be taking down the rest of the civilized world.
+ Highly strategic yet indirect manipulation of the gold miners’
product – a barbarous relic not welcome in an economic discussion by
today’s monetary policy setting intellectuals – by a very overt
(publicized) manipulation of the Treasury yield curve in Operation
Twist. I will spare you another chart of gold’s correlation to the
Yesterday was one of those unusual days which saw a 2SD (standard deviation) move on SPX, with a drop from the daily middle bollinger band to a close on the lower bollinger band. In the absence of a major shock, being at the lower bollinger band limits the strength of a further move down, so a move like yesterday's today is most unlikely. If we see more downside there is further major support just below at the 200 DMA at 1380. On a bounce the middle bollinger band is at 1428, and there may be some resistance at the broken 100 DMA in the 1402 area.