Well, November is finally here and what a month last month was. It was historic in terms of the plunge and the equally exceptional rise back up. It looks like I have to tone down my bearish expectations at the moment. This definitely looks like bull trend continuation.
I think we can see a pullback from around where we are right now - It is the extent and character of this pullback that I will be watching. We are in a seasonally favorable period but everything is over extended right now. Internals are very strong but is also at an area where a little back and fill is possible.
Sentiment is neutral at the moment so it doesnt look like we are going to do much for the next few weeks. Expect a sidewise market with a little downside ahead of us.
Gold and miners did well last week on the downside and my puts on NUGT exploded in value. I took a lot of profit but still net short. Gold could stage a decent bounce this week.
Best,
PM
I think we can see a pullback from around where we are right now - It is the extent and character of this pullback that I will be watching. We are in a seasonally favorable period but everything is over extended right now. Internals are very strong but is also at an area where a little back and fill is possible.
Sentiment is neutral at the moment so it doesnt look like we are going to do much for the next few weeks. Expect a sidewise market with a little downside ahead of us.
Gold and miners did well last week on the downside and my puts on NUGT exploded in value. I took a lot of profit but still net short. Gold could stage a decent bounce this week.
Best,
PM
