We keep getting "surprise" inflation news but the gold stocks drop.
I guess It's about liquidity.
Seems like bargains are being built.
Jack Chan's charts:
http://stockcharts.com/c-sc/sc?s=$XAU&p=D&yr=0&mn=6&dy=0&i=p74961189792&a=61529491&r=444.png
http://stockcharts.c...53245&r=904.png
JC's GLD, XAU breakdown
Started by
Rogerdodger
, Mar 01 2007 03:46 PM
8 replies to this topic
#1
Rogerdodger
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#2
beta
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lasergirl
Posted 01 March 2007 - 04:17 PM
Hi RD, thanks for posting JC's charts.
I have the greatest respect for his TA skills. Having said that, if one re-draws his trend lines to begin in Oct 06, the uptrends remain intact.
XAU is resting right at the key pivot, and GLD has room to drop to 63-64 before violating the rising T/Ls.
Another scenario: we may see a quick kiss-back to his steeper lines tomorrow, followed by another drop on GLD next week, before resuming the uptrend. My target remains GLD 72-73.
"Daytrading -- An Extreme Sport !"
#3
Jnavin
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Posted 01 March 2007 - 06:26 PM
The close below the 200-day m.a. is a problem. I'm watching this closely. Right now, my feeling is to hold off and wait for a trend change upwards rather than go short. Cash is what I'm talking about.
#4
beta
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lasergirl
Posted 01 March 2007 - 06:32 PM
... True, but notice what happened after XAU closed below the 200-DMA in mid-November 2006.
"Daytrading -- An Extreme Sport !"
#5
Rogerdodger
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Posted 01 March 2007 - 09:46 PM
JC seems to use the macd cross to confirm the break.
Watch for macd to turn back up.
"Nature's Failure to Function in a 'Predictable Way'... 500 years ago?"
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
#6
johngeorge
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Posted 01 March 2007 - 11:39 PM
RD
There cant be a liquidity problem 'cause Blackhawk Ben said so......... 
At any rate I remain in cash for the sake of liquidity 
At any rate I remain in cash for the sake of liquidity
Peace
johngeorge
johngeorge
#7
dougie
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Posted 02 March 2007 - 12:42 PM
HUI 270 beckons: todays selling may beget more selling
#8
hiker
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Posted 04 March 2007 - 06:45 PM
hi beta...
I have seen your upside target for which you are gunning an GLD exit?
are you so confident about your read of this sector, you are going to hold GLD no matter how far this next swing takes it?
or do you have a line in the sand that you consider negates the risk/reward of hanging in longer.
I exited GLD short on Friday near the backtest of a rising tops t/l....waiting for more price action before I take a GLD position in either direction.
this viewpoint about gold and other commodities by Gary relates to this subject....see the Market Review for week of 3/2 section -
http://www.hedgefundmgr.blogspot.com/
I have seen your upside target for which you are gunning an GLD exit?
are you so confident about your read of this sector, you are going to hold GLD no matter how far this next swing takes it?
or do you have a line in the sand that you consider negates the risk/reward of hanging in longer.
I exited GLD short on Friday near the backtest of a rising tops t/l....waiting for more price action before I take a GLD position in either direction.
this viewpoint about gold and other commodities by Gary relates to this subject....see the Market Review for week of 3/2 section -
http://www.hedgefundmgr.blogspot.com/
#9
Echo
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Posted 04 March 2007 - 07:25 PM
this viewpoint about gold and other commodities by Gary relates to this subject....see the Market Review for week of 3/2 section -
http://www.hedgefundmgr.blogspot.com/
Hiker, great blog. Who is Gary? I didn't see a link to info about the author. thx.
Echo
