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Because it’s so important to see this correctly and not pretend we
(well, I) know more than we (I) actually do I find it important to look
at pictorial representations of history and think about them when I get
some quiet time (ha ha ha, like not on Twitter, not reading
financial/gold websites and most certainly not watching TeeVee finance
So I am thinking about the Commitments of Traders alignment with
respect to the gold price once again. That would be the same CoT that
has doggedly hung a poor risk vs. reward sign out over the sector from a
sentiment standpoint since the summer.
This day played out precisely as I hoped, in spite of admonishments from Slopers about how this day was virtually guaranteed to be a big “up” day. Price gap resistance held beautifully in both NQ and ES:
The announcement from the Fed members, who must have the easiest job on the face of the Earth, is out (“no change, we’ll keep an eye on things, you betcha“) and the response is……….muted. Regardez vous sil vous plait
In anticipation of the Fed announcement, I’m keeping it fairly conservative: 43 shorts and 150% committed. Once the dust clears, I’ll see about getting more aggressive. One of the shorts I already had, Boeing, announced earnings this morning, and I am staying put with a stop-loss at 332.51.