The Spoo’s have completed the initial past of the wiggle discussed yesterday.
Last nights failure into the yearly close has me looking for the next level down.
Spoo/Nasd..is just shy of its 50 DMA.
Shcomp..wiped out all of the July rally last night. It’s at a big hold level.
Looking for lower, just not interested in selling into the zone expecting to get rewarded.
Gold/Nasd traded to its 200 DMA. Just tells me Don’t chase Gold to the upside in here.
Silver needs to work off more of its hot RSI against the Gold.
Bloomberg was full of articles of Sovereign Wealth Funds and Central banks increasing their Gold holdings.
Where have they been for the last year?
Certainly not listening to the conversations with Yra about the coming rally in precious metals.
Be patient, we’ll get our chances.
A note to everyone looking for contra trend moves in the middle of the day;
We live in a lemming effect world.
Once those little beasties start running do not get creative by getting in the way.