Did everyone enjoy the 15 minute bear market we had earlier today? That was a good one, wasn’t it? But, of course, it’s Tuesday, and as we all know, it is federal law that the market push to lifetime highs on Tuesday, so once again, we are involved in doing just that. It’s Tuesday #19, if we closer higher (which seems almost a foregone conclusion).
I did notice something kind of interesting about GLD. I did well with GLD yesterday, and I had a decently-sized long position on it this morning. I was stopped out, and I watched with interest (and more than a little anxiety) to see how high GLD would recover. It turns out that, thus far, it went precisely as far as yesterday’s consolidation low (marked with the horizontal line) before weakening. There was only a two penny difference between the two.
It was definitely disappointing that GLD’s turnaround was a “one-day wonder”. I suppose it could still go higher, since its double bottom is still in place, but it is quite obviously still a very vulnerable market, since the broad trend is down, and yesterday clearly didn’t change that.
