Gold Metal Comments
$GOLD - 26% above its 200 day MA, which has marketed tops in the past. However the nice round number of 2000 is mighty close, and there is an upper trendline, so maybe gold tags that area.
Also gold is moving inverse to the market right now as a 'fear' trade, therefore I think once the general market puts in some kind of tradeable bottom, gold will also put in some kind of top.
Wednesday, June 29, 2011
A few Gold stocks
GOLD - After a 5 wave downside completion, looks like a logical ABC up move
CDE - 5 waves trying to complete, watch the ratio
AEM - positive divergence
ABX - held up well, watch the trendline over the Ratio
Some gold stocks have corrected 40% more, it may be early yet, just scouting this sector. I will also take a look at the Juniors as well
Goldman Sachs - potential wave count
GS chart
Goldman Sachs sure has been taken to the woodshed since Jan falling from 175 to 130. Here's a potential wave count; a wave 5 downtrend began in Jan and expanded into another 5 wave extension, however now there is some positive divergence beginning to form, therefore it's possible that this final leg is a major wave 5. Once the market puts in a bottom, this could be a nice swing trade
Sunday, June 26, 2011
Wednesday, June 22, 2011
Rare Earth Stocks
MCP - Nice bounce off the 200 day MA, I hope some of you bought down there, however now it's struggling at the 20 day MA, so let's see if it can form a higher low o a pullback.
AVL - wedge playing out and nice bounce off the 200 MA, but let's see how it behaves on a pullback
HRE.V - energy is building
TSM.V - nice rally off the 200 day MA
