Tuesday, July 22, 2008
A little word of warning here
I am going to go back to NOT micro-managing the daily proceedings shortly, but just a note that the GLD & GDX are painting bearish candles if they close near the lows today. These would be engulfing candles and they usually imply additional downside. Everybody's goals are different but be aware, there is a bearish case developing here, especially if the MACD turns down on the GLD & GDX, which it looks like it is doing. This would be confirmed with a break down of the daily uptrend lines we have been watching.