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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.
This “amateur cyclist’s” chart (I am anything but a cycles analyst) of the S&P 500 shows that the 12 month marker (C12) meant exactly nothing as the market remained firmly on trend, after brief pokes down in April and May. We noted that C12 was a lesser indicator than the 30 month cycle, which has coincided with some pretty significant changes (+/- a few months). That cycle (C30) is coming due at the end of the summer. Will it mean anything? Well, this market eats top callers for breakfast, lunch, dinner and midnight snacks. But it is worth knowing about to a lucid and well-armed market participant.
I was initially going to try to write something about equities (specifically, the ES), but Good Lord, what on earth is there to say except…………endless abortions. What I mean by that is that every time it seems we’re set up to fall (see green tint), voila, we abort the breakdown and Yellen saves the day again. Boring, annoying, and frustrating……….
