Some SPX (S & P 500), HUI, XAU, Gold Upside Surprise Due To Fed Punch Spiking
There's been some SPX (S & P 500, http://stockcharts.com/charts/gallery.html?%24spx), HUI, XAU, and gold upside surprise today due to fed punch spiking the past four sessions ($12 Billion one day Repo today) and probably also short covering ahead of tomorrow's Fed Meeting/FOMC, see http://www.newyorkfed.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE, but, there's no change in the assessment, I'm looking to short SPX via SDS and I'm looking to short HUI (http://stockcharts.com/charts/gallery.html?%24hui) via shorting GDX, the Gold Miners ETF.
I'm waiting for a sharp Wave A down type move, then I'll look to go short in a countertrend Wave B type rebound. It's usually better to wait for the expected action (a clear sign and maybe even a 2% or 5% buy or sell signal in some cases, but not this one) then go short (or long) in a countertrend move.
The Fed will probably cut the Fed Funds rate by a quarter point (0.25%) tomorrow. Right now it looks like I might wait until the Fed's decision at 2:15 pm tomorrow before looking to go short.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
I'm waiting for a sharp Wave A down type move, then I'll look to go short in a countertrend Wave B type rebound. It's usually better to wait for the expected action (a clear sign and maybe even a 2% or 5% buy or sell signal in some cases, but not this one) then go short (or long) in a countertrend move.
The Fed will probably cut the Fed Funds rate by a quarter point (0.25%) tomorrow. Right now it looks like I might wait until the Fed's decision at 2:15 pm tomorrow before looking to go short.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
7:22 AM
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