cmegladon. Take a look at the daily INDU chart and tell me what you see. I see a double bottom. The chart is on the blog if you don't have your own charts. I also see 80.30 as a high for the USD. I don't share the view of a catastrophic, apocalyptic, financial armageddon that many posters on these boards see as inevitable. Hard times come and hard times go. It's almost as if some people have a need for misery. If it comes, I'll deal with it, but why try so hard to make it self-fulfilling.
You still see a double bottom? Of course not. I'm not trying to rub it in, just saying what I spoke about, the fundamentals, in this case completely over rides any chart. The chart will be useful now telling you where the next few areas of support and resistance are. There, I agree. But 109.40 better hold on SPX (but it won't for very long). And the fundies over ride everything on the miners as the markets continue to sink. GL
cmegladon, Is that what you would like to happen? The spx and dow are still holding those fib and trend line supports. Gold has come back to the 144sma where I've said it would for 6 months and is still in the it's uptrend channel. The way I look at things is, they haven't broken down until they break down. If they break down, then I adjust.
Hey Wolf, not sure about you but most charts I'm looking at on my watch list with the exception of SVM are into over sold or extreme over sold conditions. I don't have a gold or silver chart, what are they telling you? SLV currently showing an RSI of under 13 on the daily, GPL's now 22, GDX/HUI both around 25. Nevermind the Stoch and W %R. What are you seeing at these levels, manipulation aside, it looks like we are at or very close to a bottom from a TA perspective.