I had referenced the following link twice before, forgive me if it appears I am beating a dead horse with a stick, but I thought it was worthy of posting the link so anyone interested could check it out. I'll mention it no more, but anyone having their own opinions are encouraged to speak out...
Message 15730873
It is mainly the second link on the referenced post which
attracted my attention; the table showing the largest % gains
for the Dow and Nasty.
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Today's black daily candle on the Naz could have been worse in that it could have closed right on the low.
Even so, a lower high and a lower low begs for follow through to the downside tomorrow. Stochastics and adx support weakness. On the shorter time frames (15 min and under), there is a glimmer of hope that a feeble 11th hour rally could continue. I wouldn't bank on it however.
Any rotten news after hours today could hurl the index over the edge, IMO.
Hope everyone took evasive action today and didn't get burned, protecting profits and preventing loss with stops at least.
As an aside, KRY closed on it's HOD on slightly below average daily volume. I checked gold futures charts: 60 min, daily, weekly. 60 min broke through and closed above overhead resistance. Daily and Weekly charts appear on the verge of breaking the downtrend to the upside. I'm not at all what I would consider a gold-bug, it's clearly been one of the poorest investments of this last decade, if not longer.
But, I smell an opportunity...if the indexes tank, I believe there is money to be made for at least short term safe-haven
type of money movement. If a breakout actually comes to fruition, I would say serious money to be made.
The mention of the dirty word GOLD is made on MDD as it pertains to a more-or-less inverse relationship between equities and the yellow stuff. Just an idea, not a recommendation.
Best of Luck to all,
We shall see what tomorrow brings,
Regards,
Eichler
P.S. Sincere thanks to so many who have posted (and pm'd) to me well wishes for my continued recovery and words of encouragement to continue posting my "observations". I shall continue for as long as "you" agree it is beneficial. |
