Gotta stop fighting City Hall

The Dollar, as everybody knows, has been CRUSHED! I showed a chart of a distinct breakdown a few weeks ago. Little did I know that it would be this severe. At the same time this has been happening, equities have continued to go higher. I kept saying that markets were moving too fast and too quickly BUT on second thoughts...

...we are seeing the ability of stochastics to so-called unwind, sort of go from overbought to 'underbought'. Look at where it (stochastic on the S +P Daily chart) was at the beginning of May and where it is now. (Clicking on the chart gives you a clearer view.)

That has been my biggest complaint...no consolidation. But in affect, since the beginning of May, when you step back, we do see consolidation...on all the time frames, hourly to daily and even the WEEKLY is trading above it's 20 day ema. The S+P has traded in a tight range from 880 to 930 for the whole month and now you can look at another good indicator...in that same time, the RSI (Relative Strength Indicator) which has gone from overbought (70) to just under 60.

I own S+P puts, so we'll see if there is anything that will oppose this new view. Stay tuned.

Gold rocking

You will notice no positions recently...I am confounded by this market and I will not trade until I get a grip on it it. However, I do own a nice Gold position and my account is again at an all time high...see it here.

Euro/US has again broken very significant resistance...I showed the first breakout back on May 14...See what I wrote in the second paragraph of that post.

I guess I'm having problems accepting these worldwide good numbers in light of the fact that we have serious unemployment in this country. I know it is a lagging indicator, but equities are moving too fast too soon.

Any uumph to this down day?

I bought S+P puts way to early...May 17th to be exact.

Today the market showed the weakness that I have been expecting, and not necessarily because it was down 170 points, but because of the volume. We had the negative divergence I showed in an earlier post, the same day we bought the puts.

One of the fundamentals all put (or call) buyers should remember is that they should be bought MORE then one month out. I didn't do it this time, but there is still plenty of time value left (expire June 20.) Stay tuned...

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Working on some trades for tomorrow...stay tuned.

new trades

I'm on a nice little run here...

It was tough for me to describe why I did what I did because they were trades that I had to react quickly to get them off.

Citibank re-post

This is a terrific parody of Citibank. I posted it a while ago and it's definitely worth a repeat, given that we own most of it. Great Stuff! (warning bad language.)

A New Low in the S+P by June 30

As you know, Market Club has been one of 6 (equally weighted) indicators that I use which has brought this acount to all time highs. Adam predicted Gold would make this move 3 weeks ago...you saw what happened.

Now, see what he says about equities...I have already made numerous posts about what other indicators were telling me.

p.s. the beauty of trading is that even if this market is NOT overbought, if you use stop losses correctly, you will always do well. Mine are mostly mental, beginners should enter theirs automatically.

New account high

I managed to close out a short trade even though equity markets are closed. Europe is open...but I will wait until tomorrow to determine additional actions.