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Post by tendermyshares on Apr 10, 2012 9:14:08 GMT -5
No realtime reason particularly cited. Except, well, it's priced WAY too high and has been for some time now. Especially gold.
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Post by tendermyshares on Apr 10, 2012 9:22:08 GMT -5
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Post by tendermyshares on Apr 10, 2012 9:27:15 GMT -5
Gold selling on tremendous volume now.
German lawmaker comments that there is no majority support for bigger firewall.
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Post by tendermyshares on Apr 10, 2012 9:57:24 GMT -5
I changed my background to black to make it easier to read, hopefully. Look at those 2 5 minute volume bars. I think we see a lot of further selling, in powerful waves, like we did last week, and during the big down day(s) a few weeks ago. Partly due to the H&S and other technicals I posted about last week. Exceptionally pleasant earnings reports could change all that. Or not, if they make it seem like we don't need more Fed easing.  Uploaded with ImageShack.us |
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Post by tendermyshares on Apr 10, 2012 10:55:52 GMT -5
Gold futures - possible retest of 2 day small head and shoulders neckline in blue, or downward sloping channel in yellow, then fall back. We'll see what holds.  Uploaded with ImageShack.us |
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Post by commodityypro on Apr 10, 2012 11:04:40 GMT -5
that H&S on the S&P seems to be playing out. Will be a nice drop if so. I'm placing more short orders for the ride. Everything will fall if in fact we are in correction mode, gold, equities, oil, everything.
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Post by huh? on Apr 10, 2012 11:05:56 GMT -5
that H&S on the S&P seems to be playing out. Will be a nice drop if so. I'm placing more short orders for the ride. Everything will fall if in fact we are in correction mode, gold, equities, oil, everything. What do you have for a downside target? I thought we just completed it. |
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Post by commodityypro on Apr 10, 2012 11:12:56 GMT -5
that H&S on the S&P seems to be playing out. Will be a nice drop if so. I'm placing more short orders for the ride. Everything will fall if in fact we are in correction mode, gold, equities, oil, everything. What do you have for a downside target? I thought we just completed it. I stand corrected thanks Huh? I was not particularly following the H&S but I know you were. Did you have 1358 ish as minimum target? The next huge support line is the green line on my chart right now at 1355. If that breaks then 1290 is the next big support |
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Post by huh? on Apr 10, 2012 11:16:01 GMT -5
I had 1368 target for the H&S, or 1365 as a double top. Both hit, and the market still looks weak.
I think we go lower yet, I see 1340 as needing a touch. But I'm just looking for possible bounce targets.
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Post by huh? on Apr 10, 2012 11:17:57 GMT -5
Missed my sell in RENN - had to go to the in-laws and help them with something. That cost me a few grand.  At least I bought TVIX again this morning to hedge it just in case that happened. |
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Post by tendermyshares on Apr 10, 2012 11:27:01 GMT -5
Ah, man, sorry to hear that. Had something like that happen to me a few times. Missed my sell in RENN - had to go to the in-laws and help them with something. That cost me a few grand. At least I bought TVIX again this morning to hedge it just in case that happened. |
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Post by huh? on Apr 10, 2012 11:34:17 GMT -5
Ah, man, sorry to hear that. Had something like that happen to me a few times. Missed my sell in RENN - had to go to the in-laws and help them with something. That cost me a few grand. At least I bought TVIX again this morning to hedge it just in case that happened. No big deal, would have just been a quick scalp, and then a reload. I think RENN may go a lot higher from here. |
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Post by theMIST on Apr 10, 2012 11:38:15 GMT -5
RENN up almost 5% -- nice trade Huh? TVIX also filled the gap to 9.70 and pulled back. TVIX should climb higher in short term as I think markets are still headed lower. We're just hitting a speed bump right now. We may backtest 1370s but 1340s around the corner -- IMO
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Post by rex on Apr 10, 2012 11:43:03 GMT -5
A run back up to the 1365 area before another leg down today?
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Post by theMIST on Apr 10, 2012 11:45:31 GMT -5
BTW -- looks like RENN tagged the neckline at 6.20 that I have drawn. Would like to see close above 200dsma (5.94). And when that baby breaks out, she's a 2x bagger.
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Post by huh? on Apr 10, 2012 11:48:16 GMT -5
RENN up almost 5% -- nice trade Huh? TVIX also filled the gap to 9.70 and pulled back. TVIX should climb higher in short term as I think markets are still headed lower. We're just hitting a speed bump right now. We may backtest 1370s but 1340s around the corner -- IMO Yep, I think 1340's is almost a must hit now in order to get a chance for a decent bounce. I'd like to see a bounce back into the mid-high 1370's before that, but this whole sell-off hasn't been able to retrace more than 23.6% even of each down leg. That's a sure sign of weakness. I think we go much lower than that ultimately...I'm looking for the 200dma to the downside minimum. Looking to me like Cos' napkin doodling appendage might get it's low downside target after all. |
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Post by huh? on Apr 10, 2012 11:49:38 GMT -5
BTW -- looks like RENN tagged the neckline at 6.20 that I have drawn. Would like to see close above 200dsma (5.94). And when that baby breaks out, she's a 2x bagger. Can you post that chart Mist? I don't remember seeing your chart on RENN. |
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Post by tendermyshares on Apr 10, 2012 12:03:56 GMT -5
Small head and shoulders on gold earlier is completely negated after a huge rally past 30 minutes. Big head and shoulders since January still intact, but crikey. Will post another chart after 1:30 floor trading close.
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Post by rjboni on Apr 10, 2012 12:06:46 GMT -5
Small head and shoulders on gold earlier is completely negated after a huge rally past 30 minutes. Big head and shoulders since January still intact, but crikey. Will post another chart after 1:30 floor trading close. Haven't you checked the time? It's past noon....Here he comes to save the day! Attachments:
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Post by tendermyshares on Apr 10, 2012 12:24:10 GMT -5
Looks like gold has become a risk off asset again, at least for today, or at least that's what they want people to think.
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