Okay folks (if anyone reads this blog). I expected an SPY rise to 105-105.50 on this bounce so that I could short heavily. As of this writing, I am not short because we are over those levels. However, that being said I will short at the close if it looks like the S&P will close under 105.50.
Gold's breakout today is something to watch for two reasons 1. It has been highly anticipated 2. The dollar is not making new lows. 3. Sometimes breakouts are failures resulting in monsterous down moves.
Although 3 is probably unlikely it is something to be aware of.
So what now?
I'd like to see true capitulation in the dollar, a true parabolic move in equities, and maybe a parabolic move in Gold. At this time I want to short so parabolic moves will be nice entries for the short side. I'm expecting a large down move between the time this happens and Thanksgiving. If this moves happens I will be loading heavily into the falling: SRS and SRS November calls, FXP, TZA, and DUG
stay tuned.
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TenYear...not posting @ Moo?.....issues?
ReplyDeleteTaz
Great breakout for gold.
DeleteHi Taz,
ReplyDeleteyeah, I can't post at Moo's. IE kicks me off everytime I go to his site.
Ten
TWM chart, profit taking. Where are the bottom fishers?
ReplyDeletewhy don't you try http://www.goldjackpot.blogspot.com
ReplyDelete