Well, I sure blew that last ES forecast! At this point, after today's rally I don't see any real resistance up to the 11,250 level in the Dow. That's the big overhang from the killer fall of 08. I'll bet there's a lot of people who got caught in that and didn't sell on the way down. They're finally very nearly back to even. Once they get there, which shouldn't be too far from now, they're going to sell out of relief over having finally gotten their original investment back after having watched it sink like a rock through early last year. I'll be watching that level closely.
Latest trades: bought GAZ today at 10.28. I've been watching this for a while and it looks like it may finally have put in a bottom. Last Thursday's action looked like climactic selling to me, and the next three days put in three consecutive green candles, something it hasn't managed to do since last August. It's also reached oversold RSI levels on the weekly chart. At this point it's fairly speculative, so I only took a small position. We'll see how it plays out.
Meanwhile, gold and AUY continue to consolidate just above $10. I still think it's headed higher, so I'm just hanging onto it even though it's done essentially nothing since I bought it last week.
In the 3rd inning of a market cycle advance
13 hours ago