News driven Market... Sideways can be the reset...usually at centerline...IN a BULL run speculative or for real... in most cases sideways goes to Bull side...I've been pointing out the centerline moving average catching up to price sideways...not the way you want price to find center...this also happens frequently in range bound Markets which we have been in for a month plus and is now "only" into a potential breakout with 2 days going for 3rd day...may have confirmation of a breakout in the next 2 trading days...and 1425 is support =... so far 1430 is trying to say its support...
Main focus is news...next is what the FED does or says after the bad jobs report...I think the EURO news was enough to let the FED jawbone its approval and say it is ready to act if need...that may not be enough of what the market wants...it wants QE now...then Germany's government has to do some sort of approval before what Draghi did friday is going to be effective...Germany best go along or we go below 1300...Germany likely caves and agrees...most of this and what the FED does is now priced in IMO...but the RoBoTs have trigger prices also...what kind of follow through above 1440 may be "the tell"...
I still have a small long position from 1410 to get past up coming news... and maybe get 30 points...didn't see need to add a larger hedge...But I still have mining stocks and plenty of silver to be considered as hedge...even though I close recent silver buy I had going(this was at better than 20% profit in 4 weeks if we are now a bragging sight rather then assessing direction for the next trade)...I try not to talk much gold/silver because I'm to long term and too biased...
Patience...not self indulgence and don't doubt yourself just because one sell signal got reversed...1440/1450 will come with other signals... Enjoy... I'm looking for a TRIN write up for you to post...
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