Silver – A Level To Watch
Much like Gold (GLD), Silver (SLV) has a wedge pattern on its chart. Unlike gold however the SLV looks heavy…i.e. the chances of a break lower seem higher than in Gold. A solid daily close below the $29.80 level in the SLV may just give us a better entry level for a downside trade.
EUR/USD Head & Shoulders Pattern
I posted this chart earlier today but it is worth pointing out again. What's at work here is a 14 month long head & shoulders pattern in the EUR/USD. If it works out text book it should fall to the 1.20 area at the very least. We may start building a short position in FXE […]
S&P 500 – holding 1240?
Bulls likely want 1240 to hold…but with tomorrow's binary outcome potential on the back of the EU summit announcements 1240 is but a thin line in the sand given the cross winds at work here The Nasdaq 100 is just above its 200 and 50 moving averages..holding on for a little support. Nothing major but […]
Portfolio Holdings – Dec 8
95% cash + No Bucket 2 holdings, closed SPY and WYNN shorts yesterday Bucket 2 Symbol Open D Direction Sectors Avg Entry Stop Target 1 GDX 7-Nov long 63.04 56 65.5 RIMM 16-Nov long Info Tech 18.94 Takeover target
Morning Thoughts December 8
Now the focus shifts to the ECB policy meeting and the EU summit on Friday. Also, China CPI and PPI are due tonight at 9pm EST. The sideways shuffle continues…see the chart below of the S&P 500…the last five trading days… a break in either direction is likely soon….once we get past today's ECB press […]