Here we have Gold, a market I shorted this morning. You can see we have a triple divergence in the Trend Oscillator. I think Larry Williams students are familiar with what this is. We also have a very clear trendline that was broken when todays outside day was formed. I went short at that point. This market is clearly in a strong uptrend, of that there is no question. We do have some fundamental things in the COT report saying a turn could be coming downward, but not enough to just run out and sell. Maybe this is just another pullback in an uptrend, but I want to be positioned in case it is more. Just another trade basically, as per the title of today's post.
Here is one thing I know for sure, my opinion is not worth jack! This is not a trade based on an opinion, it is based on a triple divergence, that is occuring at a time when we also have commerical selling and small speculator buying. As a result, it is a trade to do.
I sure wish there was a Barry Index that I could short. I am sure there would be a sell pattern in any indicator tracking this blockhead. Now he has his top general essentially telling us what we already know, he is an imbecile. He is also suing a state that he is at the same time blackmailing basically. I would bet the farm on the shortside of the Barry Index. However, one thing I have just recently become convinced of is this. This country will survive his one term and eventually get back on it's feet. He is ruining the world and trying to pick up the pace before November. However, if my dog can beat bone cancer, we can beat whatever terrible things he puts in place, as long as we get him out after one term. I did not think this before, and if he does get a second term, at age 50 I will not live to see all the bad things he is doing get fixed.
Message, vote for Repubs in November just to try and nuetralize this idiot.
Next is the Cattle trade that I had great hopes for that poofed yesterday.
You can see where I entered, and where I got stopped out here. This was a gain of 50 points, so basically a lousy trade. It is still bullish by the trend oscillator, so I might buy again tommorrow if we close down today. It is too soon to tell on that. I had moved up my stop more aggressively after the big gap up day's high was exceeded the next day. When that happens, the low of that gap day should not be breached the next day if the market is really strong. I had my stop there with the logic being that if it were taken that day, the strength of this market was in question. It was taken, so that is that as they say. We still have uptrends in the oscillators and a very bullish COT picture here, so I am looking for another long entry to setup.
Frank to address your question on open interest, I am not sure why we have a difference. As far as I can tell what I posted there in that Copper trade was correct. It does not matter, that is not material to the setup in my view anyway. Genesis has some issues going in at the moment so maybe my data is wrong.