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I put together a very large short position in gold yesterday, via GLD. I was pleased to see gold falling last night, but early morning action indicated to me that the fall was probably done. I covered it right at the opening bell for a nice profit. As gold has been recovering this morning, I’m probably going to get right back into the same short position. It seems to me we’re going to be coming right up against the horizontal line I’ve drawn below, which I think will offer resistance.
Yesterday was another day just chopping around while we wait for this consolidation to finish. We have been seeing higher highs and lows, which seems bullish until you remember that a typical bear flag forms against the trend, and trends sideways to up. Both SPX and NDX have been doing that under their respective 50 hour MAs and until the break back up over those my working assumption is that we have been watching bear flags forming.There is a decent chance that we will see a break either way today from this consolidation. SPX 60min chart:
Well, I might as well succumb to World Cup Fever, which has affected even Slopers. Hence, the subject line for this post. Anyway, I just wanted to share a few thoughts on a handful of charts before calling it a day.
First, the Dow Jones Composite pretty much tells the story – – – last week’s dip was simply “the pause that refreshes”, and since it failed to break the supporting trendline (the dotted green one), we are still in the same Bull Mode that we’ve been in since John Kennedy was in office and color televisions in every home was just a distant dream.
As I was dashing through the airport Sunday evening, I saw the cover of Barron’s, and of course my eyes went straight to the elfin figure near the center: our own Abigail Joseph Cohen, permabull extraordinaire. I dunno, I keep thinking the art director at the newspaper just doesn’t like this little woman, because she looks like a forthcoming villain from Game of Thrones.
