Tuesday, November 30, 2010

11/30 11:30

The stock market has been in a tight trading range for the last 9 days.  I1 makes a peak 12/6.  I expect a breakout upward going into this peak which will form the B wave of a triangle.  I'll short then, but only for a trip back to 1180.  I will continue to sip mint julips and take it slow until the trading range is more mature.

Gold is showing a lot of strength reflecting the EU fiat.  Silver riding along with it.  Both will coast along with any stock rally.  Looking to short silver around $29.
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6 comments:

  1. AnonymousNovember 30, 2010 at 10:00 AM

    Copper
    http://99ercharts.blogspot.com/2010/11/copper_30.html

    ReplyDelete
  2. AnonymousNovember 30, 2010 at 11:11 AM

    Gold
    Diamond Top?
    http://99ercharts.blogspot.com/2010/11/gold_4260.html

    ReplyDelete
  3. Gary MorganNovember 30, 2010 at 1:38 PM

    Hello from the Caribbean Steve. Is there a descending traingle on the SPX, lower highs etc, and bouncing off 1174?
    Hope to see that break down soon.

    ReplyDelete
  4. CharlesNovember 30, 2010 at 7:41 PM

    Looks like we got Carl's pattern to the tee. Aggressive short below 1173. Would fit my double top call. Should be interesting eh?

    ReplyDelete
  5. CharlesNovember 30, 2010 at 7:44 PM

    Evidence for Steve's view: I have a weekly buy on the Euro. That should buoy stocks.

    ReplyDelete
  6. stevekotelesDecember 1, 2010 at 5:46 AM

    Hi Charles,
    1173 is key.

    ReplyDelete

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