Hard to tell if this HUI dip should get bought this morn or if it's going to be a bigger correction. Gold sitting on the uptrend looking fragile (guess even printing money out of thin air isn't enough). Sitting on hands for a bit longer.
I'm bullish on energy (less so now that it's run) given that it's cheap LT and I couldn't see broad market rallying w/out it. Gold is great, but relative to oil it's expensive (LT) so I was just looking for marginal money transfers. I suspect there's a bit more to play out, but like the gen market the rally is getting to the pt where the risk/reward isn't as compelling. I doubt the low is in for oil yet simply because the global economy is still falling apart. Except for gold everything is a trade.
As for "being too FA biased" I know that from time to time I ignore TA in favor of my FA read which is usually IT/LT in nature anyway. In a bear market it's almost always bad to ignore TA. That's why I said I was too FA biased. I should be able to sell 100% of my gold positions (or yesterday), but again FA wise find that very hard to do - not to mention buying back in too many accounts can be quite cumbersome.
Again, my approach is to use as many tool as possible (TA, FA, EW, sentiment, etc) and when they all line up those are of course the best trades. Often when you think the FA is "too compelling" and you trade mostly on FA you get slaughtered. I still think FA is a critical part, but again when used in conjunction w/other tools.
Right now volume in golds in light so I'm leaning more towards this being a buying op this morn.
Lack of posting on my part is more a function of time of late and wanting to drink/relax at night. Thanks for keeping the light on.
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