Yesterday we had an 80+ points rally, the market needed to put in a doubletop to finish this upmove completely. That was another good opportunity to get short. This morning the Dow was slightly higher until 10 and the descent started from there. Today is a "4" day. This expression is my invention, and selfexplanatory. The chart looks like number 4. In the morning it drops 50-70 points, then goes sideways for 4 hours and another 30-40 points drop by the end of day. Right now we are 80+ points below the morning high. I think with this doubletop playing out nicely we just got a confirmation that the tide has turned and down is going to be the major direction for a while...
It took about 2 weeks, but gold is a good $15 higher from the level where I gave the strong buy signal. The Dow going down so far is on hold, we had sideways action since the sell signal. Today is the FOMC announcement, and until 2 pm the market should trade in a narrow range. After that more violence and action is expected... In memory of Riskarb, I would like to mention, that he was the only one who was able to break my impenetrable password for the Augur chatroom. I mean it took me 3 weeks to come up with the password of "Pekelo" and I would have never imagined that anybody would be able to figure that out. So, well done Riskarb, and we will miss you. Chatroom is closed for the next 2 weeks while I figure out another hard to break password. Seriously, I will be on vacation....
Well, you PM me and ask nicely... But I will be on vacation until the 13th, and not going to be here except infrequently. If you are still interested, let's get back to the topic in 2 weeks.
Posting from Europe... Evaluation #1: Pretty much fullfilled, the Dow closed the month at 11109, a good 165 point below where I made the prediction. Since we did go higher after the prediction, we did have 200+ drop... But if you are complaining, please refer to my lawyer. If you trusted me and stayed short from the level of prediction, you made good money. See you guys in a few days...
Fill out the space in the sentence: Since Pekelo gave the strong buy signal for GOLD 3 weeks ago, gold went up $40 and broke ..... years highs...