Inch By Inch

UPDATE 11:30am EDT: I’m a bit late to the party as Mrs Evil is sick and had a rough night – and on top of that I myself now contracted a gum infection which is getting pretty serious. So, I got maybe three hours of sleep. I swear I am never going back to that butcher of a dentist.

Yesterday was a really lousy day for me – the MMs faked me out of my QQQQ spreads – it’s almost as if they read my piece on the upper channel boundary and pushed the tape just beyond. Then in the afternoon a bunch of subs were bitching at me – some were practically blaming me for the tough tape and the whipsaw entries, others hated the idea of having to switch over to GMail for their SMS.

I just looked at my SMS message history over at the gateway provider and it seems very few of you are voluntarily giving the SMS Gmail thing a chance, so I guess I’ll have to write that filter I was talking about. Hey, I asked nicely – guess nobody was listening – or maybe nobody cares.

Faked out Cubes trade or not – I’m very happy to see that diagonal breached this morning after which we bounced off the 903 mark. I think the bulls are going to try a retest of that diagonal – might be a good chance for an entry.

However, don’t count out the bulls just yet – the old Dollar (see below) keeps tanking and until I see a bounce I remain very skeptical in respect to a sustained drop here. We might just have completed an a-b-c down and could embark on a rally to the upside. Sorry, I hate those odds as much as you rats but wanted to make sure you guys don’t throw too much money in the pot. If we breach yesterday’s highs then there’s a good chance Soilent Orange will transpire.

The current channel in the Cubes remains intact and we are now skidding down the center line. This is not where you go short or long – wait for one of the outer boundaries before you make a move. If you are already in a trade – do nothing.

I haven’t talked about Gold in a few days – mainly because I probalby won’t touch it. However, you Gold bugs might be happy to see that it has held its position which IMNSHO is pretty bullish. If it can overcome that diagonal, which for now has posed as a stone wall, then we might see 960 and then 1000 in a short order.

The old buck keeps dropping after giving us some hope yesterday. This is one of the reasons why I am not discounting Soilent Orange at this point. 80 something might be in the cards here and it has killed my Gold trade plus it might continue to hurt or stifle the bears for a bit longer.

UPDATE 12:19pm EDT: We just breached through the prior bottom of Minor 4 – which is significant:

Don’t load up here – wait for a retest – which will come (I hope).