By the way shorting now wouldnt be the best idea, days like today is when you start to add small positions on the long side, so many people get this wrong, I am sure there are people jumping into short positions and buying short etfs, do not do that, that was suppose to happen last week when the markets were 3% higher.
Equity bounce scenario [counter trend] is possible and USDX is very overbought after yesterday. As mentioned since August, Gold/Silver is overextended and significant correction expected. Daily chart downtrend strengthens. Chart at blog. [PS PREVIOUS FX POST REFERS TO DAILY/WEEKLY TRENDS]
As mentioned since July and August - Gold/Silver is overextended and significant correction expected. Daily chart downtrend strengthens. <a href="http://stockmarket618.files.wordpress.com/2011/07/2011-07-15_xauusd_dy_x.png">GOLD daily chart 15 July 2011</a>
Equity buy support returns, resulting in more intra day sideways chop. More frequent updates at blog.
Just to let everyone know, now is not the time to be going long if anything today is a day to add on short positions and I am doing so with TYP and ERY at the market open. Market rally will fade just as quick as it began.....
As I said last week shorting wasnt a good idea, well here I am saying going long wouldnt be the best idea...