BRIEF MARKETS UPDATE (2:00 pm EDT)
BROAD STOCK MARKET: This market still hasn't decided if it wants to rally or plunge. If the DOW and S&P 500 don't move below their Aug. 21 lows by early next week, we will consider covering our short position in this market and watch for another top to sell short around Sept. 10. Holding my short position for now.
GOLD and SILVER: Same lack of decisiveness here as with the broad stock market. Both metals seem reluctant to fall but are still staying below their highs from Aug. 18 (which were made in the center of a reversal zone specifically for precious metals and thus likely represent significant tops). I would still like to see prices go lower before entering a long position. On the sidelines of both metals for now.
CRUDE OIL: The rally off of the Aug. 17 low of $46.62 (October contract chart) has weakened a bit this week, but we are still above our entry point for our long position in crude. Aug. 17 still looks like a significant sub-cycle low so lets hold our long position for now and see if prices can move higher next week.
BROAD STOCK MARKET: This market still hasn't decided if it wants to rally or plunge. If the DOW and S&P 500 don't move below their Aug. 21 lows by early next week, we will consider covering our short position in this market and watch for another top to sell short around Sept. 10. Holding my short position for now.
GOLD and SILVER: Same lack of decisiveness here as with the broad stock market. Both metals seem reluctant to fall but are still staying below their highs from Aug. 18 (which were made in the center of a reversal zone specifically for precious metals and thus likely represent significant tops). I would still like to see prices go lower before entering a long position. On the sidelines of both metals for now.
CRUDE OIL: The rally off of the Aug. 17 low of $46.62 (October contract chart) has weakened a bit this week, but we are still above our entry point for our long position in crude. Aug. 17 still looks like a significant sub-cycle low so lets hold our long position for now and see if prices can move higher next week.
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