Memorial Archives

HUI Update
posted Oct 10, 2004 at 12:01AM

HUI Daily


Conventional wisdom says that fifth waves extend for gold and commodities and that certainly appears to be the case here. Conventional wisdom also says that fifth wave extensions are usually followed by sharp and sudden reversals.

Given that the large specs are holding near record high amounts of gold this is not a place to get complacent. I would consider any long positions entered from this point onwards, as strictly momentum trades and I personally would use tight stops.

USD Daily

Wobble, wobble.

Long Bond Daily

Strong Bounce of the 50dma. Unless it was a one day knee-jerk market reaction to the jobs report, it is a bad omen for the dollar.

Authour's Note: I need to be away to take care of family duties. Hopefully I will be back in 2 weeks time if all goes well. I have closed out the majority of my positions and will see what gives when I get back

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