Tuesday, July 28, 2009

Dollar Up, Gold Down

The US Dollar index went below its wave 3 of C low by one tick today, possibly marking the low of the decline. Gold, meanwhile, fell $17.70. It will be interesting to see if oil diverges from gold for a time as I speculated or if it follows gold lower. If gold undercuts the July low by mid August and the Dollar continues to rally, I will remain short gold. I will withhold judgement on oil for awhile.

3 comments:

dave said...

Every data source that i checked stated that QQQQ closed @ 39.08 Tuesday. However, if one checks a 1-minute intraday chart, one can see that it never traded anywhere near that price in the last two hours.

I suspected a bad data glitch that would be corrected today. However, no changes have been made to reflect the error. Therefore, QQQQ is up on the day when it is really down. The Q calls however are down reflecting the true action/direction from yesterday.

Am i in error ? Is there another explanation for the 39.08 close such as a distribution, split, etc ?

Regards,
dave

dave said...

Craig,

Several times you have commented about NR7. Have you also found http://www.mypivots.com/investopedia/94/idnr4 to be reliable ?

Regards,
dave

R. Craig Pritchard said...

I had messages from my broker that there were errors yesterday, so I just chalked it up to that. Telechart now shows the Qs closing at 39.47 yesterday.

With regard to the IDNR4, I have not studied it, but it looks to be very similar to a chart pattern taught by Jeffrey Kennedy of EWI. I will do a little research on it.