So, although I see almost no chance (okay, perhaps one in a million) that this will open anything but up, and then rush up even more, I'm watching 1233-34 if this 1240-41 (Friday's low was 1242, close enough given that 40-41 is the center of the area, not the entire area) doesn't turn it. Like I said, though, it's Sunday night, so it should gap up and run, right?
One scenario is they bring it down a bit more, and then QE3 is announced, along with more Euro bailouts, and then we start Carl's march well into the 1300's, and then beyond. I think they will print until the collapse, as I've always said, and printing almost always leads to higher asset prices. (The value usually declines in reality, but the 'repricing' in devalued dollars has a higher number, like when Zimbabwe went into hyperinflation and in Zimbabwe dollar terms their stock market was the highest performing in the world (from a percentage standpoint)).
So, I think it is just a matter of does it go straight up from here, or do they bring it in a little first before all the additional intervention drives it higher. They may also bring it up a bit, and then down into the early AM, to get better prices, and then up tomorrow. I've mentioned that game in here frequently, too.
Got gold???
JI
jimkane
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Careful right in here. Key number at 54.25. Staying with this, but expecting a huge snap any second...
JI
jimkane
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Watch this 1-min double bottom 'retest' here as O'Bummer yaps on TV.
JI
jimkane
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Keep an eye on this little 1-min/tick bearish ABCD here. I expect it will fail, but watch to see if they chop it, or start moving it up. Of course it would be lovely if they keep running it down.
JI
jimkane
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Just beautiful. The small 1-min/tick bearish ABCD does 'fail' with a break to the upside by a nominal amount, then S&P clarifies it is watching 17 countries etc., and swoosh, down it goes. 48.75 so far, getting close to my 45 area. It's acting done, but who knows if another wave will hit it. I'm just staying with this short-side bias. Not bad, off that read from last night, huh?
JI
jimkane
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Amazing how they are defending this level. It sure looks ready to explode up into the close. But, I'm wary, so I'll just watch it finish doing what it does. It will go up and hit any trailing stop, or go down and hit 45 (or more). It does what it does.