While I believe our next move will be minor (1100 - 1080 on the S&P) all it would take is something new to set off a landslide. I don't THINK it will happen NOW, but it could. Anyway . . . it is an interesting read. Do you think military action with IRAN could spook the market? I do . . . but let's hope it never happens.
I (nervously) held EDZ overnight against my better judgement. Technicals still point UP. EDZ is a dangerous play at this time. I'd love to see a quick move to 1080, consolidation, purchase EDC and ride EDC back up to 1150-1170.
Ron Walker at thechartpatterntrader.com has a target of 1080, but I wonder if the "protectors" will allow a fall below 1100.
High target is 1170 for the BIG wave down. I initially believed 1144. Trader talk is 1150. I'm sure it will not go as planned and something new will carry us even higher . . or drop us even earlier. Thanks to Phd_Yale for presenting that definite possibility. If an issue with IRAN developes, that could be a catalyst. GLTA EDZers - BE CAREFUL!
A joint Senate-House panel could complete final legislation as soon as Thursday. There are only 3 big points left to reconcile. According to Time magazine they are:
- Prop trading; Blanche Lincoln’s amendment requiring banks to spin off their derivatives desks. - Volcker rule; named for former Fed chairman Paul Volcker, the move bans banks from trading their own holdings. - New fees on firms; A house provision that would create a $150 billion fund to pay for the cost of dealing with bankrupt financial institutions, paid for with new fees on firms worth more than $50 billion.
Once the new legislation is reconciled it goes back to both chambers for another vote where it’s expected to pass quickly. Then it goes to President Obama for signatures.
The chatter in Washington is that the White House wants the whole thing signed into law by July 4.