Wednesday, December 2, 2015

Dec 2 - Equities chop, precious metals still dropping

Apologies for the absence as I was on the road visiting family and for work and was unfortunately extremely busy.  During that time, I haven't done much at all in way of trading as I haven't seen much appetizing.

The NUGT/ GLD long got stopped out over a week ago as the buy signal failed on the daily and although we look primed for a bounce, the trend is still down and volume has picked up today.  For the rest of this month, I will definitely say that the high probability trade is going long equities at mid month.  That would equate to the low 200's in SPY ,the lower end of its trading zone.

If we hit the lower yellow zone, it will be lower risk play with a clear stop.

Buy signal failed but possible we still see a bounce within next month.
 Weekly is leaning towards bounce.

1 comment:

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