Vertical Leap From Gold

Quite messy in the market today especially in the regular session and also a choppy move in the Globex market earlier. Likewise the indices (S&P, Nasdaq, and the Dow), the Crude is on the profit taking mode (partly because it's Friday, most participants will enjoy their loot in the bar?), while the Gold partly recovered when it made a very heavy leap as shown below. Gold made a Darvas 'box' consolidation below the support (S3, from real platform) until it burst like a rocket powered by a high octane fuel. Have a nice weekend fellow traders, enjoy your $!

Market Update

Market indices continues to move upside for the FOMC (per reports yesterday) continues to purchase notes to augment the economy. The Crude bounced back from yesterday's positive employment report coupled with the jobless claims in today's favorable result. The Gold is still struggling, it continues to move sideways. Trading today is quite tricky for most of the big moves happened in the overnight session, if you are not quite fast enough to trade in the regular session, all you can have is the dust in your face for you are late in riding the bus, just wait for the next bus to arrive.

 

 

Crude Trade Setup

Showing here a 1-minute chart from the Crude where this market observer able to spot the triangle pattern for a precise trade execution. Spotting this kind of pattern one need to be focused and price action should be observed keenly for the market make its move in a fast pace environment.

Bonus Stock Tip - YRCW

Introducing my free Stock Tip as a gesture for some investors/traders who follow this humble market observer (if there are). I am inclined to recommend this trucking firm as a buy between $28 to $30 with stop at $24. It might reach a sell at $40. But know your risk tolerance and study carefully the company before investing/trading. But from the technical view of this observer, there is a potential to the upside, but that's not a guarantee. Trade/invest at your own risk. 

 

Crude is 'leaking'?

Seems the Crude is on the way to the drain from this daily chart. It is forming a head and shoulder pattern with its left (?) shoulder already lowering, a sign that a bearish sentiment is in the offing. That's what the interpretation of this 'self-proclaimed' technical observer. Well, as everybody in the market (and other pundits) has its own interpretation in the market, and we all ended up on the wrong side of the market. But that's how in the market, we can make our own opinion since nobody knows what the market will do next. The market is an exercise of human behavior, and all human make drastic action at any given moment. But I guess the Crude market right now is on the way down or it might turn sideways. The sentiment this  week in the market is of 'indecision' because of the weekly calendar events. Participants are gauging each others throat what the next move might/will be. But according the Art Cashin, CNBC contributor, we're going to expect some fireworks this week. Let's see what that fireworks would be. Also, Prince Khalid Al Waleed of Saudi Arabia caution the OPEC last week that Crude oil is not much going to be in-demand in the US for sometime because of the continuous exploration of  domestic 'fracking'.

A Climatic 'V' Position

A very powerful reversal happened this Friday's market, especially for the Dow and the S&P as shown from this 15-minute chart. Notice the  hard drop (catching the falling knife) that originates from the Globex (overnight session) till the first hour or so from the open. A powerful 'v' (position???) formation emerge that turn the tide to the bull side. Catching this kind of trade is the best opportunity even in the middle portion of the trade. You don't need to catch or buy the low (deep) and sell at the top, just trade the middle portion is the best trade to make a gain, as the famous Bernard Baruch profess, 'I made my money selling early'. Just ride the 4ema (the blue line) and you will not go anywhere except to the bank!

Is Gold 'Digging' Up?

Was looking up at the Gold Futures the past week and seems it's starts to rise up from the 'dead'? With the daily chart below, the July contract is forming a small 'cup with a handle' pattern, a sign of a bullish trend. And it formed a 'w' pattern, with a double support. I guess John Paulson starts to have a sigh of relief, for his position in the Gold had been battered for almost a year on the bear side. Ready to 'dig' for the Gold?, I guess it will be good now for the 'gold diggers'!