Thursday, September 6, 2012

UP UP and AWAY

Would you like to ride in my beautiful balloon
Would you like to ride in my beautiful balloon
We could float among the stars together, you and I
For we can fly we can fly
Up, up and away
My beautiful, my beautiful balloon
The world's a nicer place in my beautiful balloon
It wears a nicer face in my beautiful balloon
We can sing a song and sail along the silver sky
For we can fly we can fly
Up, up and away
My beautiful, my beautiful balloon
Ben Bernanke and Mario Draghi

GOLD

  • short term-daily--getting over believed. RSI, Stochastics etc...
  • weekly geometric seems to indicate that Gold likes to climb walls of worry or get held back by diagonal ceilings.
  • longer term--weekly--gold is still 'OK' with respect to momentum
  • approaching the 50% retracement level but has broken the major downtrend line



TLT

Today's 1.67% decline off the PHI harmonic is giving the upper hand to the bears in the BULL-BEAR tug-o-war. The bearish engulfing line following the doji is not a good sign for the bulls.
Bonds have been in a secular bull market since 1982--30 years....Everything ends at some point. Is it now or is there one last panic surge before the tide changes?

At least we now have a well defined stop level for short positions.

Gold

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