Wednesday, January 5, 2011

1/5 Daily Commentary

Exited NQ short and will use the NQ 15-minute M/A red line -2 points to re-enter.  Nasdaq showed relative strength today so I kept the SDS on.
Gold and crude completed 5 down and 3 up so they are good shorts from here.  I am short gold futures and hold SCO.
Crude has 2 M/As intersecting which provided a top for the 3 wave correction.

Gold completed it's 5 down but it's 3 up is still forming.


I am long the dollar which took out hourly M/A and the bolted for the heavens.  As I posted yesterday I was keying off of this M/A plus 16 cents to re-enter my long DX futures position and bought at 79.81.

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