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Trend table status

Trend

SP-500

R2000

COMPX

Primary

Up 7/31/20

?- 3/31/20

Up 5/29/20

Intermediate

Up 10/2/20

Up 8/21/20

Up 10/9/20

Sub-Intermediate

Up 10/15/20

Up 10/9/20

Up 10/13/20

Short term

? 10/19/20

? 10/19/20

? 10/19/20


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 (-)

Thursday, October 10, 2013

GLD and GDX

It has been a long time since I have looked at GLD and GDX on the blog.  The trouble is that the charts are not exactly providing easy trades lately.  The bounce from the oversold condition garnered a lot of believers in the gold community at first.  I saw many declarations that the bottom for gold was in.  I think some of that support is wavering a bit now.  Here is the daily GLD chart.


The initial rally looks a lot like an ABC correction pattern.  Since the C high GLD has moved stealthily down.  Kind of like a trend move.  A break below the B low would likely accelerate the move down.  That would likely spark a retest of the summer low and possibly new lows.

Here is a look at GDX.


GDX has a very similar pattern only it is closer to the summer low.  It has been leading GLD down for a long time.  Is it doing it again?  These stocks have had a terrible year.  I wonder if they might experience some tax loss selling in Nov.  If that turns out to be the case GDX could provide a good buying op in late Nov. or early Dec.  In the mean time I don't see anything to get excited about on the long side.

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.