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Gold has been bouncing higher for a little more than a week, and my view is that, as it approaches its gap at $117.95, it will reverse lower. Whether it’ll reach the gap or not at all remains to be seen, but I’ve shorted it this morning with a stop at $118.
The emerging markets fund has soared almost 50% since the beginning of last year. That’s a pretty amazing performance for such a broad base of equities.
I would like to point out – – for what it’s worth (which isn’t necessarily that much in today’s QE-fueled world) this is the fourth time prices have approached the red trendline drawn below, each of which has carved out a slightly lower high. We shall see if a fourth descent begins, as before, or if at last this breaks above the resistance.
Farewell, vain world! I’m going home!
My Savior smiles and bids me come,
And I don’t care to stay here long!
Hello from the Google campus Starbucks, where I again take keyboard in hand to share some bearish thoughts for the week ahead. Thanks to my precious SlopeCharts, I am able to share some ideas related to worldwide markets, which I think create a pastiche of ursine possibilities.
Broadly speaking, I am seeing three different kinds of situations with these international indexes. Some of them had bullish breakouts which have since failed. Others are at extremely high prices relative to their broad histories. And others, like the Straits Times Index below, are getting repelled by overhead supply.
After reaching all-time highs earlier this year, Canada’s TSX Index has dropped to around the 15,250 level, as shown on the following Monthly chart…an important long-term major support/resistance level.
