Wednesday, December 22, 2010

12/22 Daily Commentary

The stock market rallied to kick off the first day of the I1 cycle.  As long as SP futures don't penetrate 15-minute M/A (green line) by more than 3 points the hourly trend remains up.
I'm long the dollar futures with a 2nd wave in progress as a rectangle correcting a clear 5 up from the overnight low. 

Longer-term the dollar is in wave 2 correcting a 5 up from 12/14.
The dollar sports an ascending sentiment gauge.

Still short gold which has been forming a short-term top to complete it's abc up.  Penetrating the green line on the upside by 3 dollars will get me to cover.

Silver needs to break 29.23 to confirm trendline break and get me short.

No comments:

Post a Comment