It’s really hard to get all you want to say inside of 5 minutes, so I apologize for the abrupt ending. Essentially the markets can go either way at this point because my timing signal is close to going bullish or bearish, but I’m going through the motions of looking for long plays (in fact today I picked up NU on the pullback) because that is the current trend. I think a key level on the Nasdaq is 2722 and as long as we stay above that the bulls will win out this battle.

I can’t think the Fed’s concerns for the lack of growth in the economy will sit well with trader’s nerves, and like I said in the video, be careful of whipsaws on days that follow the Fed meeting.

Gold and Silver should correct more after a day or two of upside as everyone is looking for a bottom in this sector and the market never proves the majority right.

“Knowledge is power  and power need not fear lies–not even when the tape prints them.” ~Jesse Livermore

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Related Market Timing Posts:

Markets Avoid Sell Signal, Barely

Advantage Bears

Conflicting Signals, But Favoring a Correction

5 Responses to “More Downside in Precious Metals”

  1. hotrader Says:

    Yes, thank you for the post! I think so too the trend is like what you said. I bought a couple of stocks on pullbacks and today they rallied. Ohh btw I found another new good website too. kingoftraders.blogspot And zenmarket, When do you think a market correction will happen?

  2. Klevera Says:

    I was checking out many charts. One thing i have found out is that many indexes are following the foot steps of the precious metal charts(Gold and Silver).

  3. jeff pierce Says:

    Hey Klevera – which charts are you referring to?

  4. jeremy Says:

    Jeff,
    Have you heard any of the internet rumblings that the Chinese are looking to take physical possession of gold and silver contracts on expiration (March I think). Somehow, the conspiracy theorists, are saying China is trying to push the commodity price down so they get a better price to take possession. I don’t trade futures, so the article I read was a little over my head, but the premise mad sense, if it is true.

    later,
    jeremy

    Packers or Steelers?
    I’m sick of big Ben, go Pack (this year anyway)

  5. jeff pierce Says:

    I have not…very interesting concept and I’ll keep my ears open. Maybe link to the article so others here can read it, maybe they can shed some light on it.

    Regarding the SB…oddly enough I can’t stand either team. In fact, if I had to pick 2 teams I can’t stand the most…it’s these two. I have to go with Steelers because the Packers are my arch rivals…sorry.

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