The HUI ended lower -0.84 points (-0.42%) with a close at 197.67. On the daily chart, the fast stochastic is flat and fully embedded in oversold territory. The slow stochastic is flat and in oversold territory for the second day. MACD maintains a negative crossover of the Signal line and both are descending in negative territory. Divergence is flat and well below the zero mark.
GLD ended lower -$0.94 (-0.76%) with a close at 122.68. On the daily chart, the fast stochastic is flat and fully embedded in oversold territory. The slow stochastic is descending flat and in oversold territory. MACD maintains a negative crossover of the Signal line and both are descending in negative territory. Divergence is down and well below the zero mark.
SLV ended lower -$0.16 (-0.99) with a close at 16.03. On the daily chart, the fast stochastic is flat and hovering just above oversold territory. The slow stochastic is descending and the K line is in oversold territory. MACD maintains a negative crossover of the Signal line and both are descending. Divergence is down and well below the zero mark.
The HUI continues its downward trek. The HUI opened lower at 196.46. The Bears quickly pushed the HUI to the LOW of the day at 196.20. The Bulls, what is left of them, managed a small counter rally pushing the HUI to the HIGH of the day at 200.39. From there, the HUI meandered into the close at 197.76.
Not much to report today. The range appears to be tightening up again and from tight ranges come big moves. Will the Bulls mount a counter rally? The HUI is way oversold at this point and a rally of some sort is likely to develop within the next two sessions. By tomorrow's close, if it is below 208.62, then the working hypothesis is that the HUI will continue to trend lower into the end of December.
I am currently neutral in the market. No real reason to chase the short side at this point. As for going long, there may be a trade in a counter trend rally. If the Bearish trend hypothesis is correct, then any counter trend rally should last only 1-3 days, setting up a decent shorting opportunity. I posted Bear target numbers in yesterday's post for anyone interested in putting them on a chart to follow along with all the fun.
For tomorrow, if the Bears can take out today's LOW, the goal is the 194.82 level. For the Bulls, take out today's HIGH and drive the HUI to the Bear target level of 204.16.
GLD and SLV look ugly. There is a potential buy signal on SLV, but at this point it looks to me to be high risk and low reward.
These are just my thoughts and observations, not advice. Please share yours.
For Friday, good luck and happy hunting.
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I agree. I already told Greg's kittens that if they panic one more time down to say GDX 22.10 I will come in with clean underwear for Maalox Mannarino. Always doing my best to make sure Greg's stays around to give up THE "optimum" shorting opportunities in the sector...via his pounding the table buy calls :-)
Let me try and place a short term trade on the dollah via dollar ETF >>> UUP. Now at 23.89.."live"...the buy signal would trigger at abouts 23.85ish...a gap down thru there would nix the trade and we should know soon. I'll target teh UUP 10/6 expiry $24 calls...now at .10...low of .09 on the day...which should be reached again as a market buy. Only targeting the 24.15 area above for this very short term trade. That would generate a 100% gain I figer...specially if it comes quickly. I'll spew the trade at my UUP blog.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=uup&x=47&y=19&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
Almost there, might have back test 23.91 before pushing to 24.15. On daily chart looks like it is setting up nicely for a run to 24.40 Monday or Tuesday. It would be perfect if on Monday there is another outside bar to the upside, placing a daily buy at today's high whatever that end up being. placed buy order on NUGT at 34.00, if elected I will not hold it through today's session. Actually kinda of hoping it doesn't get elected.
NUGT needs to sell off in order to generate a buy (according to my machine) so if it collapses I ass-oom you will cxl your buy stop above. I would...no need to get caught up in any funny bidness. I pesonally would not buy NUGT above the market here. I don't think you want that limit filt right now. UUP back at 23.91...I'm only waiting until like 2:30 EST...then I'm out of here. Too nice of a day outside to wait for one trade that is a bigger short term gamble than I want to take. UUP doesn't tag 23.85 to 23.80 by 2:30 and I'll go and make America great some other way for the rest of today. :-)
As a sidenote: The trade I have been waiting for (since the sexy VIXens will always control the money flow), UVXY now in a position to signal sell if it rallies. My "guess" is an extreme act of "levitation" for the rest of the day all around. Translation? Nothing worthwhile happens..cept "maybe" in bitcoin and especially the little shitass cryptos. I'd luv watching that. I'll stay til 4 PM if BTC dumps to say $3200 by 2:30 PM. UVXY...the crazy beitch that'll steal your wallet faster than Tessie will...here she be. Collapse and come to papa baby, I know you want me.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=uvxy&x=55&y=15&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
I doubt it will be filled but did take it off as I doubt there will be any major movement for the rest of this week ie the next 1.5 hrs.