I've updated a recommendation to short GLD with a fresh chart, but as of early Wednesday evening there was nothing in the three-minute-bar picture promising to make this gambit easy. My hunch is that the ornery price action is telling us GLD wants to move higher for now, not lower. Whatever the case, traders will not go far wrong doing their business on charts of 5-minute degree or less.
Thursday, June 14, 2012
USU12 – September T-Bonds (Last:148^17)
– Posted in: Current Touts Rick's PicksThe minor bullish pattern shown has the potential to push the September futures to within pitching-wedge distance of two 'external' peaks on the hourly chart. The implication is that a relatively modest thrust could generate the kind of robust impulse leg that will put the futures on-track for a test of June 3's high at 152^19. Camouflageurs looking to get long will have three peaks to play the in-betweens, as well as numerous smaller peaks on charts of lesser degree. _____ UPDATE (June 17, 8:52 p.m. EDT): After peaking just three ticks from the 150^04 target shown in the chart, the futures have gapped lower Sunday night, denying us an opportunity to get short via camouflage or otherwise. No further action is suggested for now.
