Hey Frank....!!!
are you still long crude, and what about gold...?
Great question Frank, and btw you look marvelous...!
so yes, I'm long crude - a bit of a break-out today - pierced the SAR and it did it with good volume - we could see a wee pullback Monday morning but I'm long until it becomes painfully obvious that we're in the overbought category on at least 2 indicators and a violation of a MA.
Gold on the otoh has a lousy looking hourly chart, and the daily shows quite a bit of indecision. It's littered with hollow red candle sticks - which says massive panic selling at the open follow up by rational buying during the day.
You can draw several conclusions from this; 1) traders lack confidence in this metal and are willingly shitting their pants before the open 2) we all know that if that hollow red candlestick fails it's a race to the bottom. 3) smart money is accumulating later in the day which is bullish (maybe).
I would wait to see if the hollow red fails before going short, and the same goes for going long - wait for a proper break out.
FP........................................................
