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Complete post is available at http://protectedreturns.blogspot.com/.
GLD. That gold and the dollar are inversely correlated has been known and is supported by economic theory (bleh…ghey?). Below is a bar chart of GLD, with the $USD in black. I drew a purple line at the bottom end of the volume pole, falling through which could be achieved readily. The blue line is an interesting trend on the dollar that I chanced upon. (more…)
Well, wouldn’t you know it? The moment I’m starting to really enjoy trading again, along comes the biggest up day of the year. A major reversal in the ES and the NQ, apparently prompted by little more than the fact that the Japanese Yen stopped gaining value. Incredible.
The area around 1600 is representing very firm support for the market right now. That was our “breakout” area weeks ago, and twice now we’ve challenged the same zone, confirming it as support both times. What’s especially interesting about this level is that it also coincides with the ascending supporting trendline of the channel I’ve drawn. If, God willing, the ES breaks 1600 and can actually stay beneath it, that suggests a pretty important violation of support. But it hasn’t happened yet, so the support stands. (more…)
I’m down to a mere 72 shorts, as I back away and re-assess what my next steps should be. I have to confess, Ben’s press conference next Wednesday has me a little concerned (which probably means the market will finally start falling to pieces). (more…)
No one ever seems to believe the contrarian power of these things, but the Economist nailed Japan’s peak (with “peak” being defined as crushing the yen, which is their plainly-stated goal) practically to the pip. (more…)
