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Trend table status

Trend

SP-500

R2000

COMPX

Primary

Up 7/31/20

Up 1/29/21

Up 5/29/20

Intermediate

Up 10/2/20

Up 8/21/20

? 3/26/21

Sub-Intermediate

Up 3/29/21

?- 4/5/21

? 4/1/21

Short term

Up 4/1/21

Up 4/5/21

Up 4/1/21


Don Worden of Worden Brothers (makers of Telechart software) used to keep a trend table before his health issues got in the way. I always found it useful. Mine is slightly different. Hopefully helpful. Up? or Dn? means loss of momentum. ? by itself means trend is neutral. ?+ or ?- means trend is neutral with bias of up(+) or down (-)

Tuesday, November 6, 2012

GLD and GDX

In GDX and GLD on Oct. 10, I wrote about probable corrections in these ETFs.  Both have taken a tumble since then to say the least.  Lets look and see how those pullbacks are proceeding.

First up is the daily GLD chart.


We are getting close to the 200 SMA and possible trend line support.  True to form, the parabolic move up is getting wiped out.  In the short term, GLD is over sold being considerably below the 18 SMA.  However, this is falling knife at the moment.  I don't like catching those myself.  I have been cut way too many times, LOL.  I prefer to let others buy first.  This close to the 200 you would think it is likely we get there before making a lasting bottom.  There is another possibility also.  The blue down trend line that we broke above back in Sept. might be tested from above.  That would completely wipe out the parabolic move up instead of just some of it.  That should be a lower odds scenario, but not out of the realm of possibility.  I think a little patience here is needed to let it settle down some.

Here is the daily GDX chart.


GDX is also approaching its 200 SMA.  Due to the massive top formation in 2011, I think it is important for GDX not to break below the green support line.  I think a little patience would be good on this one also.

Both of these ETFs look like they are making orderly corrections.  The volume patterns look pretty good.  However, they both have some momentum on the down side which could require some time to repair.  It seems likely that both will hit their 200 SMAs before their pullbacks end.  Since we are getting close to potential targets it is time to watch them a little closer.

Bob

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The information in this blog is provided for educational purposes only and is not to be construed as investment advice.