Stock market up slightly overnight. Silver down 8c. Bonds unchanged. I1 up today, but is on a longer-term sell signal.
As published last night the stop-loss for a long-term I1 position is the DJI 12-day simple M/A +1.3% = 11,014. I'll carry a longer-term position in the model position list when applicable. It will be marked as "long-term trade" in the Trade History page.
Started selling silver when gold reached 1224 and again when silver tapped it's old high 19.49. Stop remains at spot silver > 19.70.I1 will be up today and tomorrow, then level off for several days. I will short tomorrow afternoon.
Steve
ReplyDeleteI see a head and shoulder top forming here. If you use a wide marker DOW 11,000 should be the top on this side of the shoulder. I feel if we stay under that and can brake through the lows set in February the formation will be complete and the Bear will be in place. A brake out above 11,000 would be cause to believe that this secular bull has more legs. Student wanting to know what the teacher thinks.
I think you are right. I'll be increasing long-term short today. By the way Robert Prechter brought up the fact that the monthly chart shows an H&S.
ReplyDeleteKeep it coming!