Good afternoon all,
I hope you had a safe and enjoyable holiday weekend. The DEC GOLD contract is trading sharply higher again and this signals pending doom for the stock markets as we head into September. I won't be surprised to see Gold breaking through previous resistance levels this week and then surging to new contract highs as the momentum players pile on.
The DOW 13450 level, basis the SEP contract, seems to be a great area to go SHORT as the market simply has been unable to move significantly above this level. If the market can make it to this level again today, as it did on Friday, I'll be selling the market with a goal of at least 100 points on the trade as we made on Friday's trade from this level. But, eventually, the DOW is going to experience the next big wave down and this, of course, will be the time to simply get SHORT and STAY SHORT. Stay tuned!
Dale F. Doelling
President and Chief Market Technician
Trends In Commodities
No comments:
Post a Comment