Trading volume in the February gold contract was higher today. That contract added $11.10 to close at $652.90 an ounce. On Thursday, the dollar dropped against all its major rivals, especially sterling, on continued concerns the U.S. economy will grow at a rate more slowly than other countries. See Currencies. "Unlike previous times, gold has not sold off after hitting key resistance around $640," said Peter Grandich, editor of the Grandich Letter, in an e-mailed comment. "This suggests a powerful move up is near and a run to $700 is likely."
It closed above $46.50 and based on MACD crossover
Most likely tommorrow. We should Swing up toward $48.
Again we have a long term resistance line in the mid $48s so for you short term folks dont get too greedy.
On the short side of things....ARD is trading at a long term resistance point. The weekly ma and trend line suggest that she should trade at $44 for about 3-5 days and then its down to $30 on the next leg down on oil.
$35 jan puts are trading at .95 and have had strong vol all month. So I must not be the only one looking at EZ
Market should still be heading higher as we have not hit the weekly moving chart resistance points.
Thats all from the peanut gallery,
PS Watch IIG.....looks like it is holding support line and with a MACD crossing should sling shot back to $25-26. But watch your entry based on overall market. Thin manipulated stock.
Rob - thanks for the TA. I thought the same thing with both Ez and IIG. I got back in IIG this morning at 22.96 (with $ from my Tivo sale at $6.00 - luckily I lost only a dime/share). Love the Tivo product, like their legal chances against Direct Tv but they sure have no idea how to make any money over there.
And yes I learned my $100 lessen, stick with companies making money, that have a strong balance sheet, growing earnings and solid cash low (at least it was a lot cheaper lessen than any of law school courses).