Good morning all,
I decided to place a limit order in the DEC DOW futures yesterday in spite of the fact that I was not going to be monitoring the markets very closely while I was trying to take some cash from my son on the golf course. But I still had this hunch that my timing was right regarding the failure in the DOW futures that I wrote about yesterday morning so I placed a limit order to SELL the DEC DOW at 13951 with a 50 point STOP. My SELL order was elected shortly after the cash markets opened and the high was made during that 30-minute bar on the chart. The DOW retested the day's high of 13963 about an hour later but was unable to move through that level. The market has been working lower ever since that double top on the 30-minute chart. We are now trading down 50 points 9:45 AM (13,812) and I won't be surprised to see the market significantly lower by the close.
The Gold market, currently at 736.00 basis DEC, is seeing some selling pressure in spite of a lower dollar. This just gives those who have been wringing their hands hoping for a retracement a chance to buy at a slightly better price. Don't let this opportunity pass you by! More later.
Dale F. Doelling
President and Chief Market Technician
Trends In Commodities
No comments:
Post a Comment