First off we nailed yesterday's 4% snap-back rally in Natural Gas, but I'm not convinced this rally is sustainable, and that's why I tweeted out the - perfectly timed - sell signal.
The Big trades I see coming just around the corner:
1. A powerful snap-back rally on the $SPX, after this weeks sell-off. In fact the $SPX could certainly retest the 4700 level.
$SPX - 60 min view - located in the public charts area.
2. Gold!
I don't usually get excited about a trade, and when trading commodities it's good to exercise extra caution, but what I found in $GLD (gold) chart yesterday, left me absolutely astounded, and even after sleeping on it, I can wait to add to my short position!
Here's what I found on the $GLD chart:
1. Tuesday's opening bid was raised above res., (seen at the Fibonacci 61.8% retracement target). I can't say I've ever seen this, but the longer you do this, and the more you look, the more you'll find every market is manipulated, and 99% of that manipulation takes place in futures.
If the manipulators had not taken out this level at the open, the algos would've certainly kicked in an sold that target, but someone was desperate to drive gold into what is being sold to the public as an "inflation hedge".
I don't doubt that the inflation story, as well as Wednesday's Labor Department statistics, have been completely fabricated, in an attempt to limit the damage the far left lunatics in our government can do.
Sure. there's some inflation, thanks to the Fed printing a ton of money, and higher Energy prices. Home prices have also had a nice run, but this doesn't deserve the amount of coverage it's getting, or the run up in gold, which started well ahead of the market sell-off. Just remember, "there's always a (heavily manipulated/rigged) bull market somewhere".
2. A long legged doji reversal candle. This is one of my personal favorites, as it often marks a major top.
$GLD - the chart has already been returned to the public charts area. The price action continued to be held above the bulls stophunt (the black/pink line) yesterday, and I don't doubt it will do so again today, in order to manipulate the weekly options market. The first downside target looks like 170 - support.
Will the sell-off in gold include gold miners? I'm not sure, and with Nov. OPEX only a week away, I wouldn't be surprised to see them hold up...
Gold miners
$GDX Most of you are probably familiar with the $GDX, because this is the most watched miner chart, and it's tied to the most popular 3X leveraged miner funds, $DUST & $NUGT, but do you know what the top holding in the $GDX are?
#1 top holding for the $GDX - Newmont
$NEM - this is one to watch
Yesterday, I mentioned that metals were going to crash, and then some idiot on Twitter, starts talking up Silver. I immediately blocked him, as distractions aren't appreciated.
Here's one more target to watch
$GPX - The $SPX Precious metals spot index.
Get ready to sell metals
Good Luck, AA
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