Inauspicious Monday

By -

Well, today was one of those days that just felt draining. The main culprit, of course, was gold, in which I had (past tense) a big long position. This is now one ugly graph. The wrenching thing is that, as of Friday, gold looked poised to have a hell of a great week starting today. Umm, nope.

0714-GLD

As for equities, it’s simple as can be: we remain in a persistent uptrend, and until/unless that blue line you see below is broken, it’s just going to stay that way. I am seeing a sh*t-ton of individual stocks that are just begging and pleading to be shorted (and I have complied), but as for the broad indexes, there’s nothing at all especially bearish about them………until they can break that uptrend!!!

0714-COMP

Just to give the three remaining bears on the planet besides me something to chew on, here are a couple of interesting short ideas. The first is PVH Corporation, shown below, which has completed a beautiful head and shoulders pattern.

0714-pvhclose

The second is Pall Corporation (and rest assured, I looked at other tickers besides those starting with the letter “P”) which has a really nice broken trendline plus a gap-down:

0714-pll

 

Let’s take a closer look:

0714-pvh

That’s it for me, folks. See ya later!