Better Check Yourself Before You Wreck Yourself
I’m seeing some confused comments in the prior thread which is indicative that the tape is having the intended effect on some of you guys. Part of what I do here is to impart some much needed clarity at important market junctions. In other words, and consider that your Evil Speculator prime directive #66: When the market is doing its best to shake you off then it’s probably because it’s lining up for a big move.
Of course falling into various traps by forming an opinion is exactly what they want you to do. So you better check yourself before you wreck yourself. Meaning, cut your emotions to a minimum and focus on the charts. Which I’m happy to supply you with in ample quantities, so let’s get started:
As you can see we’ve got a nice volume hole near 1620 and thus no matter what the tape is going to put us through in the coming hours remember this as our current bull/bear inflection point. With that said – we have been painting lower lows and lower highs and as such (and despite yesterday’s warning) we need to give the bears a fair shot at driving this thing lower. It’s coming along slowly however and thus I believe the volume chasm starting near 1608 will be tough to breach for the grizzlies. But if they do – watch out below!
Gold has been driving everyone crazy in the past two weeks. But double inside day is hard to pass up for this market megalomaniac, especially if it’s happening below a 25-day SMA.
Quick update on GBP/CAD – you may remember that long ID entry two weeks ago. Time to take profits now as it’s touching its upper 100-day BB as well as the 100-week SMA. We’ve had a great ride and let’s not overstay our welcome.
A lot more goodies below – please step into my lair:
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