Multi-Pivots - February 8, 2012

[Billy]

Consolidation continues for both IWM and GDX. The discretionary buy limit of 82.12 was hit Tuesday and it marked the lows of the day. To me it hints at professional algos still buying at multi-pivot support. But the 20DMF remains weak.
Billy

12697
12698

[nickola.pazderic]

12709

Nice day for the market makers: lots of impatient wanna be bulls, who fear they missed the move of the year. Drive it up, pull 'em in; pull the plug; cover. Pocket change. Nice work if you can get it.

And for us normal people: wait 'em out. Eventually liquidity will force the market up or down. But the up, IMHO, won't happen until the gap is filled on the above chart. (crystal ball alert)