Wednesday, April 7, 2010

No Internet Access

I will have little-to-no internet access the rest of the week so I might not be able to put up any posts, and if I do they will be very brief. Nothing has changed from yesterday. A top might be in that should take the S&P to at least 1171 but probably quite a bit further before it bottoms. If the market chugs higher it still has the thrust from the triangle structure that should eventually mean a sharp move back to at least that 1171 level before considering a bottom. So I'd be looking for a top and reversal anytime now. At the latest, I'll be back in full next week.


Gustavo said...

Hello people:

The uptrend continues...
I don't get it.

Dave427 said...

Todd - re: Gold. what do you make of last week's audit of Canada's Gold bullion vault where it was discovered to be "surprisingly" almost empty. Are gold sellers way over selling gold?

Todd said...

Hey Dave,

To be honest, I'm the last person to ask about gold. I have been slaughtered by the metal too many times to even try and analyze and trade it. It just doesn't seem to move well for my trading techniques. I look at precious metals as tied to the dollar, and I'm bullish the dollar so that SHOULD be bearish for metals. But as you can see for the past several months, metals don't care about the dollar's rise. So I really don't know what to make of it, or where it's going. My bias would be that it will head down with the stock market.