Dollar, Gold, Oil and the SP500's Mid-Week Trading Video
It's been a crazy week for gold, oil and the SP500 again.... Since the market top in April we have seen large moves almost EVERY day in the market. I would say this is one of the toughest times for traders as you must be very quick to enter and exit if you want to lock in any profits. Good news is that things should start to smooth out in the next week or so if stock kick into rally mode.
Below is a quick video I did for you showing how I see the market, what I think is about to do and what to be aware of. I recommend you Gold Bugs skip over this report because on Sunday I wrote about how gold kept making new highs this year and how prices were about to drop again. And it was only a few minutes after I sent that report out before the emails started to flood my inbox from individuals around the world telling me how wrong I was saying gold is about to selloff. I knew gold was a crowded trade but not to the point that people are willing to fight you just because you mention its looking ready for a correction.... Which is actually a good thing for gold to do right now....
To be honest I'm still in aw about how mean and rude some people can be when all I am trying to do is help educate and help everyone see the market from a technical point of view without any bias... Thank goodness I'm a positive thinker and find most things funny or can put a positive spin on things like seeing gold drop $35 so far this week.
Anyway... here is my video recap of this weeks price action.
Video Recap for those who don't want to watch the full 8 minutes:
- Gold still looks bullish, but on the edge of a Very Sharp Correction
- Oil looks about ready to make a run higher
- US Dollar looks to be forming a Head & Shoulders Reversal pattern
- SP500 is at a critical point Rally or Crash
- If the US Dollar drops it should trigger higher gold, oil and stocks
- We are entering earning season and stocks tend to rally into the news