My gut tells me that GOLD volatility is about to hit the fan…as long as the RSI remains below the 50 level, and as long as price remains under the bearish influences of the moving average Death Cross, a break and hold below the 1200 level could, finally, see GOLD reach a potential target of 1150 or even 1000 (rather quickly), as I mentioned in my last post on GOLD.
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
There is a writer we’ll call Don Quixote who is tilting at something that no longer really exists… the evil gold promoters that used to be taken seriously by innocents to the tune of near total destruction of their portfolios.
Don once went on about the gold cult and I even highlighted his post because I had been going about the gold cult as well. The cult-like aspect of the gold “community” (← a dead giveaway) was real, and the group-think that the 2001-2011 bull market fostered was very strong and really damaging to those who did not question it tenets until it was too late.
But here’s the thing… it is now 2015 and nobody takes gold bugs spewing about a $2,000 PoG (if there are any of them left) seriously. But still Don tilts at the active promoters he imagines around every corner. Methinks Don is creating a niche of his own, firmly within the new phenomenon that has manifested in Martin Armstrong’s wake. Behind Marty have come a growing number of those who would save us from the evil promoters.
Because you’re an ag!
OK, that was dumb. Let’s proceed…..
The agricultural ETF shown below has been trying to bang out a bottom for ages. It has been in a grinding, multi-year downtrend as defined by the channel I’ve drawn, so if you’re looking for a low risk long position, you might want to consider the wonderful world of wheat and soybeans.
Here’s today’s swing-trading watch-list:
Long American Int’l Group (AIG)
Just about every day for weeks now, I’ve been thinking, “CIB sure looks like a huge topping pattern; I should short it, but it’s already gone down so much.” But then it would just keep sinking. So I finally threw my hands up and decided that the enormity of the pattern would take care of everything in the end. Thus, yesterday, I shorted it. Here ya go:
I’m having a very disrupted week this week as my wife has a big deadline and I’m covering. Normal service will resume next week, but I will be absent from my desk a lot over the remainder of the week.
The nice bear setup yesterday morning fell apart quickly and, if there is no significant support break here, then SPX is still heading up with an obvious target at wedge resistance in the 2130 area. If bears can break below yesterday’s low at 2103.75 and sustain trade below it then I would now have a target in the 2087 area, but I’ll be waiting to see that happen before thinking that the bears might get a serious shot today. SPX 60min chart:
Well, I just placed my third binary trade this morning, and I closed it a winner. So that’s 2 out of 3 – – not a terrible start. I’m obviously taking things very slowly. Poor old Butch and Dutch have had to put up with me, though, as it went something like this: