I changed my mind about gold only a few days after my entry into DGP. I am too nervous sitting right up here near the previous highs. My weekly chart on GLD looks quite promising, but the problem is I am still somewhat unsure how gold will react to a new topside breakout in the … Read more
Rare Element Resources Ltd is moving up in a vertical straight line and the momentum is quite astounding. The stock may become interesting if it can get some type of sharp correction back to the breakout area of 4.20 in the weeks ahead. The advancing volume on the stock is really a major sign of … Read more
There has been a lot of talk about the head and shoulders topping formation in the broad market indices in construction since November of 2009. Head and shoulders patterns are reliable patterns but they are definitely not guaranteed. Sometimes they do fail. I believe this one will fail because it does not have enough symmetry … Read more
The sp500 today pulled back on very light volume after the previous three day price surge and sign of strength. It appears that the early part of this week will still be somewhat light on the volume side which would fit in well with a bullish topside breakout scenario. It would fit well because I … Read more
Last week I went long the DGP PowerShares DB Gold Double Long ETN the day before the Friday Jobs report. In a previous post I indicated that the gold setup was looking 50/50 because it was sliding right up at 52 week high resistance with the chance that some supply could come into the market. … Read more
There is a very large move coming in the SPDR Gold Trust (ETF) . It looks like this move will occur Friday September 3, 2010 right near the USA government employment report. There are several factors leading me to the conclusion that a huge move will occur. We have the SPDR Gold Trust (ETF) trading … Read more
Today we saw big price destruction in the sp500 which gave back a good portion of the hard earned gains of last Friday’s reversal. I was looking for a confirmation of last Friday’s bullish reversal today but clearly we did not get anything close to a confirmation today. Instead we got a deep retracement that … Read more
This may be one of the most important posts I have ever written here at BOT. There is a key technical analysis event taking place RIGHT NOW in the markets that forces me to tip my hat to the bullish side right now and advise extreme caution on any bearish bets going into next week. … Read more
The market today was unable to confirm yesterday’s candlestick reversal pattern on all the popular indices and the IWM Russell 2000 ETF was unable to confirm the potential bullish triple P pattern on the MACD histogram. The sp500 is showing that the histogram continues to show downward momentum and does not have any clear signs … Read more
Yesterday we touched a very important long term up trend line. The up trend line that has been in force since the March 6, 2009 low. This long term up trend line has now been touched 3 times including yesterday. The line represents the bullish trend. Despite all the sideways price action over the last … Read more