Interesting Friday in the Market Shaping up…
I posted on GOLD to start the week and reproduced the relevant quote below. Here is my updated Gold chart. Gold is trading ~$1536 this morning.
I am off GOLD, but I think I am going to short right here as 1300 is more likely than 1800. Here is a link to my GOLD chart. GOLD put the 150MA in play this week and the 200MA is highlighted below. GOLD is at 1580 on the weekly close, if it sees >1540 and puts >1520 in play, we are going to the 61 Fibb at 1437 real fast and if there are margin calls, I can see 1300 quickly, which will bring in new buyers. As for the SPX, we are right at the top and the new economy better be emerging and guidance for Q2 better be supportive or we will lose gains over the last run up. Here is a link to my SPX chart.
I almost covered my short TSY position this week ahead of the Fed when Bill Gross turned positive on the 10Y, but I held my conviction and trade is working. Short GOLD and TSYs. As we clear through earnings, I want to chase beta in equities. I will buy the QQQs and pick some individual names. That is what I am thinking right now.