My indicators have H&S's on the HUI and XAU along with some negative divergence, though they could be resolved. I think it's a good risk reward, just wanted to give a word of caution. Will be interesting to see if this week's European EcoFinmeeting http://www.forexnews.com/ai/default.asp?f=A20040116A.mgn has any affect on gold or the dollar. Good inflow data in the link.
I went long the market at the close Friday for a 1 to 4 day trade based on the comp closing above its 200 week sma, now a happy family. I hope this causes some program buying, if not, I will exit and wait for the pullback the last week of Jan and first week of Feb.
If my map is correct, they take us way up this week (2300 comp), then pull us back the following two weeks to cool the technicals and find solid support at the 200 week. Then off to the races again with a small pullback 2/26-3/6, leading to 2600-2800 by the end of April.
Lot of things pointing to hard down as well, but Tuesday I'm long. I reserve the right to change my map on a daily basis <G>.
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