BROAD STOCK MARKET and GOLD TRADE ALERT (2:00 pm EST)
Today the DOW and NASDAQ are making new all-time highs while the S&P 500 is not, and all three indices appear headed down (at the time of this writing) as we near the end of the trading day. These and other bearish technical signals are manifesting as we approach the center of this week's reversal zone (Wednesday-Thursday). It seems prudent here to sell our long position in the broad stock market and wait to see if we get a correction. If we do, it could be significant, but it doesn't have to be. If the correction is minor (or does not happen), we may look to buy our long positions back. We are slightly above our entry point for this long position so selling now gives us a slight profit. Selling my long position in the broad stock market.
Gold has been rallying, but prices may now be stalling under a resistance line around $1,240, and we are in a strong reversal zone for gold. As with the broad stock market, gold's cycle pattern also allows for a significant downturn now. For these reasons, I am going to sell my long position in gold. We entered this position on Jan. 30 so we have a small profit here of about 3%. We may go long again on any correction that holds above $1,170.
Selling my long position in gold (still out of silver).
Today the DOW and NASDAQ are making new all-time highs while the S&P 500 is not, and all three indices appear headed down (at the time of this writing) as we near the end of the trading day. These and other bearish technical signals are manifesting as we approach the center of this week's reversal zone (Wednesday-Thursday). It seems prudent here to sell our long position in the broad stock market and wait to see if we get a correction. If we do, it could be significant, but it doesn't have to be. If the correction is minor (or does not happen), we may look to buy our long positions back. We are slightly above our entry point for this long position so selling now gives us a slight profit. Selling my long position in the broad stock market.
Gold has been rallying, but prices may now be stalling under a resistance line around $1,240, and we are in a strong reversal zone for gold. As with the broad stock market, gold's cycle pattern also allows for a significant downturn now. For these reasons, I am going to sell my long position in gold. We entered this position on Jan. 30 so we have a small profit here of about 3%. We may go long again on any correction that holds above $1,170.
Selling my long position in gold (still out of silver).
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