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Watching and Waiting as We Get Closer to J’s Hole

Posted by Slim, 24 August 2011 · 1,364 views

The markets are making it very difficult for this up and coming blogger. Not much to write about! The action in the currency markets continues to be extremely choppy—almost as if the pairs are waiting on some important information (hmm). And my long order on EUR/NZD and short order on NZD/USD were never filled, so no harm done fortunately.

I ended up closing the rest of my position in gold at $1905, avoiding the carnage that followed. There was absolutely no way I was going to hang on after a nice run from $1776. That $1730 price zone is coming back into play, but if it doesn’t hold, the $1680 area may be the next target. The long-term trend is still intact, so I have no clue what the Wall Street shills on CNBC are crowing about (Griffin, Fartman, and the rest).

YM, NQ, & ES
The Mini Dow, Nasdaq, and S & P hit respective resistance zones today at 11,300, 2150, and 1175, but did not produce the kind of price action that would signify a strong reversal. Solid closes above 11,300, 2150, and 1175 could result in tests of 11,500, 2200, and 1200 respectively. Unless prices make higher highs on the daily charts, I’m still bearish. Trade safe, cause pippin ain’t easy.

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