17 replies to this topic

[SemiBizz]

Here's the daily, you can see the leadership of the $XAU...

http://bigcharts.mar...&mocktick=1.gif



Now look at today's action:



http://bigcharts.mar...&mocktick=1.gif

Edited by SemiBizz, 06 August 2007 - 11:42 AM.

[Cirrus]

It's a possiblity. I think the XAU is the most 'gamed' group on the market but of course that's my opinion. It's no coincidence that gold is the arch enemy of a central banker who prints FIAT currency.

[arbman]

Basically no inflation, same is happening with the commodities. The new lows expanded today, the breadth is still negative, it will retrace. Selective buying and semis in tech are leading, this is growth in the absence of excess liquidity, imho. Financials are also bottoming, perhaps no more panic... USD is slightly moving up...

Edited by kisacik, 06 August 2007 - 12:05 PM.

[SemiBizz]

One more new high coming after 1:15 ET, then we'll see. I think we're going to new lows the way it looks...

[arbman]

Not much retracement huh!?! Probably it pulls back a bit in the morning, but the financials are the best performing group today. Now the market needs one good push with the A/D tomorrow to establish the SPX 1460 support again, can the Fed deliver?!? They already did...

[SemiBizz]

If we have a rate cut, the market tanks on worries over the Yen Carry trade. If they don't cut, the market tanks on economic worries.. All we did today was get to the top of the Nasdaq Doomsday Channel.

[arbman]

I took some profit at the close since I sorely needed after last Friday. But, I do not think the upside is over, I will be looking to buy a pull back in the morning or after the Fed. All the Fed needs to say is "the inflation is under control." It should support the stocks and bonds including the USD, at least for a while, the commodities should probably sell... I am not sure why you are bearish, the selling pressure is depleted... - kisa

Edited by kisacik, 06 August 2007 - 04:44 PM.

[SemiBizz]

I am not sure why you are bearish, the selling pressure is depleted...

http://bigcharts.mar...&mocktick=1.gif


Strictly technical... untested high volume lows... and no volume going back up. Doomsday channel is still intact.

I'm not sure why you are so bullish, none of our problems went away today. This was a classic short covering rally ahead of the Fed announcement...

Edited by SemiBizz, 06 August 2007 - 05:19 PM.

[SemiBizz]

The Market is chowing down on this stuff:

[arbman]

What I would really focus here, how the recent lows were made and they were made on declining volume, this is more important, it is very hard to rally with a blow out volume out of the recent lows. Instead, this is an attempt, it comes and tests on lower volume and then the institutions will conclude that the base is complete and we will see a strong accumulation day, more chop ahead, great for trading. But the trend is not necessarily bearish from here... - kisa