Some pretty nice positive (bullish) divergences forming on the 60-min charts of gold, silver, & EUR/USD so looks like a tradable bounce coming but not crazy about the intermediate outlook right now based on the daily charts. Will cover the metals & miners in more detail tmrw but looking like the bounce in the metals could start as soon as tonight or tmrw.(GDX will follow)

I put a near zero weighting on what other traders are buying or selling. Not that I feel I’m any better or worse, just that I do my own trades based on my own analysis & actual prefer when I’m taking the other side of the trades the big guys/gals are sharing with the press as they are usually just pumping their book (in order to get the shepple to buy the stock they say they own & love in order to sell into any buying pressure they can drum up & vice versa when they tell you they are shorting something).

If you ran a big hedge fund and had a stock you planned to short, would you tell the world before you shorted it so those long could sell it & short sellers could short it, running the price down….or… would you wait until you had your max. allotment of that position & then make your bullish or bearish views public to help push the trade in your direction before you start taking profits?

Stick save attempt failed. Not looking pretty for the consensus “Market must bounce this week” crowd. When both Randy and Sven the Northman Trader get bullish as soon as their bearish calls begin to work, you know the markets are headed lower. Simple is always better for actual trading. These guys only make it more complex so that the rest of us feel like we’re too dumb and need their services to understand market direction.

For the SPY/SPX, that is.

Stick save into the close looks likely…

I’ll update GDX for you. Stay short. If long, where’s your stop? If you don’t have a stop, why not?

If you have a margin account that is approved for shorting, then instead of opening a trade buy hitting the “buy” button, you open the trade by hitting the “sell” button. You can also short oil futures contracts. You can also short oil companies as a proxy. You can also buy puts and put spreads on all of these products, as well.

/ES and /NQ both broke the 50 SMA on Daily!

DXY broke out of the rising wedge and next resistance for me on DXY is at 105 level.
Also note that there is a divergence between GLD and GDX where GLD is making higher lows and GDX is making lower lows. If GDX drops more, next support is at 26.15