No charts. Just opening a new topic.

Gold is up about 50 from the low this AM. Money is going out of stocks and out of bonds at the same time. The currencies are relatively stable (except cable, which is on fire), and oil is stable, so I guess it continues the 'short squeeze' in the PM's?

I can't see this GZ holding... Not in a million years.

But, there is a ton of stuff here, and it's made the requisite drop, as far as points, that it usually makes in one day...

This is curious here because if it takes out the GZ (unless it is just a stop sweep of the lows, which it may be), it would likely head for at least upper 40's to 50 for now, but that's a 30+ drop on the day. I just don't really see that. Everything implies, to me, it holds, bounces a bit, then heads to low to mid 40's later (unless it does a nice V and is back to where it started tomorrow). This is a very interesting situation. Lots of fun.

So, is there a very short-term long play here? I think so, but it is 'higher risk'. What do I mean by 'higher risk'? I mean the odds of it playing out are less than what I would normally want. But all that matters is, does it have, over a series of trades, a positive expected value (does it make money or not over a series). I think it does if one brings to the table extraordinary price action reading skills and is willing to bail on the slightest hint of it not following the script.

The biggest danger, then, is bailing on a little wiggle and missing the rest of the move. But, I think that would be the necessary approach to try something like this. It's not the 'bread and butter' trade, and nothing I would suggest for anyone less than expert level, but it may be possible. I generally like lower hanging fruit, myself. The biggest 'worry' on this one is I am sensing more downside potential, from higher, or from here. In a setups like this, you really don't want that sense. Just my two cents for those that might have been wondering about my thoughts here.

Yeah, roofer, I was looking at that, and it says to me: Asset allocation swap over, or big pop coming (and maybe swoooooooosh for equities). But, that's just my take.

62-63 might give this trouble if it is very weak. And it may not even get there!

This thing just screams more downside to me.

Lotsa time left for a 40's handle...

Thanks Jim and thank you for the offer. Please leave my latest posting in the main discussion threat, where it is. The chart seemed worthy of comment at the time I looked at it, but now, not so much. It probably points out that I need to follow price action on the 15 minute and higher timeframes more, in order to see more, as you have pointed out in your books. As usual, the Kane ABCD covered the price action beautifully.

Al Kamego