It appears we set a bottom Thursday afternoon as the 11.2TD cycle bottomed. Friday was a transition day as the 11.2TD cycle turned up (and the 2.8TD and 5.6TD cycles turned down). Monday continues this transition. With the 3 shorter cycles offsetting I expect a somewhat flattish day. But. the 20week (Wall) cycle, the 34TD cycle and 22TD cycles should be up. These cycles have not shown a lot of strength recently, but I suspect they will tilt the bias to the upside.
There is a lot of news/rumors floating about Greece and Europe. I saw nothing of major significance out of meetings by major financial organizations (IMF, World Bank, etc). Still something could happen tonight (either negative or positive). Being unable to predict this we will stick with the cycle interpretation.
Her is an SPX chart showing the swing cycles:
Gold taking another tumble, pretty early in the evening for that sort of thing though.. Dunno why but I'm expecting a bounce here.. Maybe not a long-lived one and I may reduce miner holdings either way. Hell I might even look for something to short not sure what sector yet.
ReplyDeleteI suspect that gold is ready to set a bottom this week, but the process could take 3-4 days. GL.
ReplyDeleteThe Keystone Speculator believes that when the metals do recover, Gold will outperform Silver.
ReplyDeleteIt seems that you Inlet & Shadow believe similarly. Consider taking a position Friday, Monday, or Tuesday.