Sunday, August 21, 2011

Gold Near A Top & SP-500 Trading Range

GLD - Weekly
  • GLD Starting To Look Like SLV Did Before It Topped
  • WOULD NOT BUY GOLD HERE
  • If Long, Have 5% Trailing Stop In Place
  • Could Get One Last Big Pop Near 190 Range On The GLD
  • Note If There Is QE3 Gold Could Go Higher, A Lot Higher
SP-500 Weekly
  • Support Should Come In Around 1090-1100
  • Once Support Is Hit Look For A Bounce To 1170-1235
    • Bounce Could Come Into Play Do To New Hopes of QE3 Or Euro Bonds
  • If Support Is Broken = WATCH OUT
  • Market Could Go In Free Fail