...and wondering if the SPX can make the middle tine of the Andrews Fork, which would conveniently meet our old target of 1340 (it's still active because 1220 held) and the red dotted downtrend line. Would low-mid 1300's be a great shorting opp?
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Quick points:
ReplyDelete1) $VIX at 21? OMG WTF eh?
2) Do you think gold miners can turn a profit at $1600 gold? What were they doing back in July, when gold was last at $1600?
3) Daily UUP candle chart certainly has a very apparent trendline. Wonder what happens when that gets broken to the downside? Or will it, you think?
4) More generally, both your happy and gloomy indicators all seem to look toppy. Both sides are toppy. Strange eh?
1600 gold is magnificent for gold miner profits *if* the 'real' price is rising. So tell me, is the 'real' price rising? There is no reason for non casino patrons to fear the strong dollar.
ReplyDeleteVIX? I've got to chalk it up to the robo market, black boxes and all.
The happy indicator can flame out any time. The gloomy indicator is biding its time. It may get whacked, but as yet the silver bugs are in the fetal position sucking their thumb.
At what point is a "breakdown" not a breakdown? We did get down to 1200 thus 1220 did break. Is there a level that it has to decline before you will call the 1220 a break?
ReplyDeleteThat was just a false break down Anon. Unfortunately, 1 or 2 days does not cut it in these markets. The Dow never broke, while the NDX was relatively weak. Everybody's pissed with these markets.
ReplyDeleteFun stuff.
There certainly have been a lot of false breaks in all markets recently. I think that's one reason everyone's so annoyed.
ReplyDeleteHey! I betcha all the false breaks have happened cos everyone (esp. the algos) is playing a technicals-driven strategy.
Gary,
ReplyDeleteThe real price of gold is rising but the real price of the shares are dropping. I tell you one thing, either the current gold shareholders are going to be the biggest bagholders in the history of the markets or they are going to be some of the richest. Going to be interesting finding out.