Tuesday, December 9, 2014

Dec 9 - Index weakness, GLD blasts off

Overall market is down except oil and precious metals, which are seeing a vigorous bounce today. The gold miners which have been beaten down, even relative to gold, may have a chance of getting moving.  Currently repositioned from 15.5 to high 13's in NUGT.  If it can break its descending trendline and reverse its recent negative divergence to gold, it could be off to the races.

SPY although down, as of now, while breadth is solid selling, may bounce up tomorrow depending on how we close.  FXE at a turning point where the positive divergence and extreme bearish sentiment may trigger a reversal.





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