The move down in oil looks to be greater than would be expected for a continuation of the uptrend. Bernanke's comments about not printing money to pay the debt seems to have triggered a reversal in the dollar. Gold and oil have either made or are near making 3 days lows. See Marketclub for information on the 3 day trading signals for commodities.
I am now short 1/2 position in the DZZ with a stop below the Feb low in DZZ, with a view of gold retesting the 850 level or lower.
The TRIN is running strongly higher suggesting that the selling at day's end may be severe.
No comments:
Post a Comment