Thursday, March 31, 2011
The "pullback" everyone was waiting for was relatively quick, which means trend continuation is probable. We also formed an inverse H&S on the retracement with ~1280 as the neckline. We'll see what happens with this trendline. We either continue to grind higher or we come off in large batches...
Monday, March 28, 2011
Converging trendlines and a retracement in the ES - too obvious? - Covering 1275 and shorting 1315 - +40. *edit* 10 points in I took 30% off... Stopped for the rest at evens plus a tick.
The more I look at his gold chart, the more it's telling me top. I see a double top with each separate top consisting of a head and shoulder's pattern... The question remains - is all current information priced in... or, is the central bank shopping spree over? Gold needs to hold the green line around 1405 and close above 1430 or it could signify a trend change. Closing below 1365 would be a game changer.
Sunday, March 20, 2011
A couple of good rollover shorts - see charts below...
Now though - looks like Gold is going higher... the pullback was to a bullish spot as I mentioned in the prior post.
The ES could pullback to the 1257 area and form an inverse H&S. I would be surprised if we went below 1260 ... with the USD losing support and the bonds continuing on their trend along with oil and silver, the market looks to go higher.
Long in here -1275 - with a parital stop at 6 points... will trail up the rest.