Uptrend Intact

A look at today's Dow daily chart shows that the RTC uptrend dating back to the end of August remains intact as we enter the scary season of late October. Forget what everyone says about how bad September is historically (and September was great this year) - I have found that the last two weeks of October have been the worst of the year by far in my own experience, going back 10 years now.

But in the meantime we remain firmly inside the rising RTC channel, so we remain long. To paraphrase the old TV ad, "We will call no top before its time".

Meanwhile, note how both AUY (11.17, -0.89%) and the gold/silver index XAU (204.95, -0.54%) are both lower again since I wrote about gold last Thursday. This now puts gold at the lower end of its own RTC. This bears close watching. A further decline tomorrow would signal a trend reversal in the precious metal.