"All our dreams can come true if we have the courage to pursue them." --Walt Disney
Another big gap to kick off this short week as we are quickly working off the oversold conditions we were seeing.
Another strong day and we will be overbought and I’ll be looking to get back into some short positions.
We were oversold, but acting very sloppy and seeing gaps overnight so that has kept me from taking advantage of this bounce.
I don’t catch every wave, just the easier ones.
I called for some retracement for gold over the weekend and saw my inbox flooded by the gold perma-bulls telling me how wrong I was, but they quickly retreated into the shadows with gold down $37.60 today alone.
SPDR S&P 500 (N:SPY) is trying to move past 190 now, but it is quickly becoming overbought, so I’ll be looking to the 192.50 and possibly 195 areas for short entries.
I didn’t do any trading today and remain in an all cash position.
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Markets Working Off Oversold While Gold Works Off Overbought
Published 02/17/2016, 03:15 AM
Updated 07/09/2023, 06:31 AM
Markets Working Off Oversold While Gold Works Off Overbought
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