Pardon my lengthy absense. I have been rather busy trying to learn everything I can about intraday trading.
For those of you who held the PM’s, you have been handsomely rewarded. I will be the first to admit I was guilty of selling pre-emotively, lightening friday and yesterday into the close. However, as I am still 65% invested in gold, silver and the related miners I am not beating myself up unduly. Its all part of the game we play.
Onto the broader markets, many of the notes are on the charts. What is important to note is that today was different – no volume still sucked – but for once we actually traded up after a gap down, closing positive. This was an impressive, albeit low volume, effort by the bulls. However we are now approaching the area where I expect the market to stall, and ultimately fall from. Should we break through it, we will rip higher until we implode in an even more impressive fashion. It is interesting to note that the S&P futures spiked – along with silver – right as our favorite central planner addressed the nation. I have no idea what was said, but merely find that an interesting little quirk. I expect to be largely cash – possibly short – by friday as I am expecting the wheels to come off this wagon sometime soon.
One final thing. I find it incredibly retarded how $100 oil is detrimental to the economy when we trade down, but not a word about it when we trade up. That is called confirmation bias. Stop trying to impose your bullshit correlations on the market and trying to explain it. Price pays, everything else is just noise.
If it wasn’t already obvious, this is my opinion. Should you trade solely based on it you may lose money but certainly deserve too.