Good morning,
I mentioned yesterday that I thought the DOW probably would see some kind of relief rally because the market has gotten fairly oversold and it just makes sense to me that the market is not going to just step into the abyss without a fight. So I covered my SHORTS this morning when the cash market was trading below the 13,000 level. It looks like that decision was a good one. But, more importantly, I took my own advice (which I ALWAYS DO!) and was an aggressive BUYER of DEC GOLD futures below 675.00 this morning and the market is now trading at 680.70. So, both strategies have fattened my account equity nicely!
With the DOW cash now trading up about 42 points I'll simply wait for a sign that the buying is done and the market is ready to capitulate once again. That could happen in a few hours or a few days but I have no doubt that it will happen. Stay tuned!
Dale F. Doelling
President and Chief Market Technician
Trends In Commodities
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