Nice call on gold. It hit 1120 and has subsquently reversed! All of pundits are now looking for gold to hit 1300+ shortly.
On that, I think we finished Wave III up this morning and are in the process of Wave IV retracement. Since we started this market movement up a little over a week ago, the largest S&P point decline was ~16 points. As such, I'll look another rough 16 point decline to S&P 1090(Eminis of 1087 or so) before we start Wave V up to 1120-1135.
I look forward to seeing your continued thoughts.
On that note, I'd also love to hear any thoughts on why you're expecting a large pullback in oil, yet you're bullish on the S&P. It's pretty evident that oil and the S&P are moving in tandom, but unless you've changed you're outlook, you're suggesting a strong divergence in this relationship.
COT Report is big time down on OIL and other commodities... Gold has seperated itself. I was thinking OIL would hit 82 but I just dont believe so. For the Mrkt to hit 1120 we need the banks and OIL to march together up or it will not happen.
Oil is in a 4th wave consolidation process. I'm looking for oil to get back down to the high $76.50 range before running back up to $85range. Any break below $76 will be disasterous for equities.
6 comments:
Perhaps just a bad entry Carl? Think you've traded days like this before with fabulous success. I guess ~1092 might be the low of the day.
Carl
Nice try......looks like its trying to bottom out now......
Carl,
Nice call on gold. It hit 1120 and has subsquently reversed! All of pundits are now looking for gold to hit 1300+ shortly.
On that, I think we finished Wave III up this morning and are in the process of Wave IV retracement. Since we started this market movement up a little over a week ago, the largest S&P point decline was ~16 points. As such, I'll look another rough 16 point decline to S&P 1090(Eminis of 1087 or so) before we start Wave V up to 1120-1135.
I look forward to seeing your continued thoughts.
On that note, I'd also love to hear any thoughts on why you're expecting a large pullback in oil, yet you're bullish on the S&P. It's pretty evident that oil and the S&P are moving in tandom, but unless you've changed you're outlook, you're suggesting a strong divergence in this relationship.
All the best,
Jeff
Jeff - i have the same question about carls oil thoughts. really like to hear a responce now that oil is hitting his upper boundery!
COT Report is big time down on OIL and other commodities... Gold has seperated itself. I was thinking OIL would hit 82 but I just dont believe so. For the Mrkt to hit 1120 we need the banks and OIL to march together up or it will not happen.
Whats your thoughts Carl, respect your view point
Take care
Joe
Oil is in a 4th wave consolidation process. I'm looking for oil to get back down to the high $76.50 range before running back up to $85range. Any break below $76 will be disasterous for equities.
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