SOLD RMBS $21.89SOLD HXD.TO $13.35
BUY GCE.TO $4.65
SHORT GDP $20.34
BUY MLNK $8.97
These markets are all boring and flat. US$ is down, however gold and oil are down as well. Gold is getting donkey punched in the face after its huge run up!! What happened to the inverse relationship? We are seeing gold pull back still after its huge run up as well as oil weakness. Many breakouts are failing but I'm actually seeing many bull flags form right now and consolidate. Will we breakout higher soon? I'm seeing trading in very neutral ranges at the time being so timing is important if you are planning on trading short term right now. If you are a longer term trader, you probably don't care.
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Short term I think the markets are heading higher here with further US$ weakness. US$ is forming a descending triangle. Most of the major indices are right at the bottom of their neutral ranges or bouncing off their upward trendline so short term we should see a bounce higher 1-2%. .
MLNK on the verge of BTFO!!
Gold is on the verge of bouncing again after a big fall from the recent highs. Many of the gold stocks have retraced to their former resistance levels, which are now support. Take a look at Yamana Gold (YRI) for a bounce here. Support just under $13.
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