This is a follow up to yesterday video where I spoke about which markets I’m watching for a trade this week. Remember holiday, shortened week trading can be volatile and often times has a bullish hue. I’d say about 80% of the time it rises even when there is no good reason for it. 

I’m actually hoping that is the case to open a new short on QQQ as I was taken out of that trade from an option that was exercised. Just as well, as sometimes it’s a good thing to enter a week with a clean slate/clear mind having extended a 6 week winning streak on the markets. Those same trades that got me where I’m at over that period aren’t going to keep me going as it’s good to look for fresh trades.

Reminder: Thursday the markets are closed and a 1/2 day on Friday.

 

Bullish on TLT

Bearish on SLV, GLD, FXI



4 Responses to “Charts I’m Watching Tomorrow”

  1. Lioncub Says:

    I expect gold to find support around 1700$ (1690 – 1711) and plan to get in for this week. Next week wednesday (or may be tuesday) looks like a good day to sell, then pick again in a cpl of days at support. During this time(after next wed/tuesday), copper may also correct.

  2. jeff pierce Says:

    I’m holding out for $1580 – that’s my magic number.

  3. Donovanac.com Says:

    I was surprised to see your bullish view on TLT. I was expecting it to have one last gasp higher which i saw today. Today i opened a february 120 puts at $5.90 on the TLT. If the economy turns around this goes down. If europe falls apart this goes down. Either way this thing is going down.

    Technically it is tradeing at the high end of the range and isn’t crossing the 70 rsi.

    Would enjoy some more thought on this. Have a great day

  4. jeff pierce Says:

    Hey Joel. I get what you saying and I do agree there is negative divergence with the price/rsi. What I’m waiting for is a new closing weekly high as we complete the current base we’re working on.

    Back on August 28th, 2010 I said bond were going to 150+ before this bubble would be over.

    See post here, but the image is gone when I had site problems last year. http://www.zentrader.ca/blog/?p=1484 But the message has been the same that we haven’t seen the parabolic run that will surprise most.

    Here is a 5yr chart to put it all in perspective where we were then and now. http://screencast.com/t/Z1qcXgxtfPbl This doesn’t look like a top of a bubble yet.

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