Mike
10-20-2011, 10:03 AM
We had a razor thin follow-throudh day call on the NYSE Composite average on 10-12-11. The very next day saw an undercut of the lows of the FTD. This usually leads to a rally failure. Of course unless we see a new FTD going forward. Then Tuesday (10/19/11) looked like a real follow-thgrough day and then yesterday we showed distribution. Distribution in the first three days after a FTD usually leads to a rally failure. This Go-Stop-Go-Stop action isn't the kind of stuff where one can make any money. Indeed my long positions: SBH, DLTR and ISRG are all positive but barely so. This is a news driven market and we live moment to moment.
In the meantime I attach a chart of Gold futures showing gold has dropped to a MIDAS support line. That support line has held many times this year and appears to be a key test to gold's future.
11030
In the meantime I attach a chart of Gold futures showing gold has dropped to a MIDAS support line. That support line has held many times this year and appears to be a key test to gold's future.
11030