A nasty flight from the euro is causing selling in everything today. Pretty brutal stuff. Isn't it amazing how things can change in just 24 hours?
All we can do on days like these are just sit back and take it. There are, however, some important levels to watch, most significantly in gold. After successfully repelling gold from the 1550 level again, The Cartel caught a break this morning with the near-panic Euro selling. The gold chart is in danger of ruining the uptrend from January. It has broken the trendline before but only briefly. If it continues to move lower and doesn't rebound by tomorrow, the chart will finally have taken on the "summer doldrum", rangebound look that I've been expecting. Of course, being right about that doesn't bring back the dough I blew on the August 1550 calls I bought on Tuesday. I end up feeling like Daniel-san..squished like grape.
For the degenerate gamblers out there (such as myself), there may be a trade opportunity in silver (which I won't be making). Silver is approaching the lower end of the pennant from the lows of early May. I have a last of 35.31 and the line appears to be right near 35.
And crude is worth following today, too. Yesterday I gave up on the idea of a quick rebound back above 96 in favor of a potential base building exercise near and above 89.50-90. Looks like I'm going to get a chance to see if I'm right as crude has a last of 90.50.
OK, that's it for now. Let's just sit back and watch to see how the rest of this day plays out. If you haven't yet taken the time, perhaps today would be a good day to check out the forums. Lots and lots of good, user-provider information there. Remember, though you have to be a member (signing up is simple and free) to post and comment, anyone and everyone can lurk, read and learn. I highly encourage you to do so. Oh, and if you read something particularly helpful, be sure to give the writer a "hat tip" by clicking in the little yellow hat icon in the upper right hand corner of each post.
Thanks for stopping by. Hang in there. TF