ES

Pullback

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...

Double Top in Gold?

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.

Gold and the Market

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.

Gold's run

On an intermediate term basis, I would say any retracement would yield the following sentiment:

1380 - bullish

1370 - neutral

1360 - bearish

ES breakdown...

or more of the same?

More of the same....

Looks like we broke... gold into a wedge within a wedge etc etc... this is why you have tight stops. I have 1330 as possible res in the ES.

Our Leader

The Russel has shown the least amount of upward momentum. This chart highlights a lack of interest to go higher; 3 days of failed breakouts and retracements... tells me something is going to give.

Current Positions

Update

Well, it looks like gold broke. I'm not sure if this is technical or a response to the ridiculous activity in the commodity sector. Either way, I don't think this ends well. Small caps have led us higher and the momentum seems to be coming out... note the RSI divergence in the TWM.

Needless to say, I'm keeping these positions on an extremely short leash.

Gold

Gonna break?

Update

Positions

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Euro

Looks like most of the info is priced in... trying for a long in here south of 1.32.

*EDIT* this thing must be broken... took a tiny loss on a starter... ended up daytrading this for a modest gain.

Uncertain?

I don't care what your predictions are ... this is what uncertainty looks like.

Adding ES long at 1088

Full position long - average price is in the upper 1170's.

Stop on half is 2 ticks below today's low....

*EDIT* took half out at 1205 last night.... +25 points.

*EDIT* stopped on the other half... +5.

No positions at the moment.

ES

....currently sitting in at resistance... taking some profits here (+8)to pay for the risk. Trade is now free.

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