Ken,
Long term, yes, it's headed down... Then back up. But what's it going to do in the meantime, cause that's what pays the bills... right? I would have preferred the thing to go ahead and tank early last week, but no dice. We ran out of time. I will rejoin you on the short side if the lower of Thursday (4/1) or Monday's (4/5) NYSE Cash low is taken out anytime this week. Otherwise, this thing looks strong into as late as Friday the 9th, when we have a 26 day cycle high due.
The Bradley indicator turns down on Monday (4/5), so that will be key to watch. If Monday's NYSE Cash high is taken out anytime during next week, an inverted Bradley Buy Signal would be given, and substantially higher prices could follow. If 620.50 NYSE is cleared on the upside, substantially higher prices WILL follow... Then we tank in a week or two. But that could be alot of heat to take on a positional short.
Short term patterns and wave counts look bullish, as shown here:
homestead.com
A premium of 17.20 at the close of globex Fri. a.m. won't hurt the bullish scenario, and just wait til the options markets open on Monday and the guys have to hedge that activity on the long side.
Sharp traders like GZ are pedal to the metal long, so that may be a caution for position shorts at this time. Good luck, and it's nice to have a gutsy fellow like you among us!
Regards,
David |
