Friday, 16 August 2013

2pm update - weak market

The main market remains moderately weak, but despite the declines, the bears look tired, that has seen the market slip from sp'1709 to 1653 across ten trading days. A bounce into the 1680s still looks likely. Gold is building gains, now +$8


GLD, daily


*GLD 142 looks an easy target for mid/late September.

The 5/15min cycles look arguably floored, and we could easily battle higher into the close.

Certainly though, with just two hours left of the week, I don't think it merits 'getting involved'.

Considering the lack of strength today, the 1680s now don't look viable until late Tue/early Wed.

So..yours truly, is probably going to remain a watcher for another 2-3 days. Urghh

2.19pm..  sp'1652...and indexes continue melting lower... not seen this kind of action a few months.

If follow through on Monday morning, then 1640/35... would make for a buying level, even for me.

Gold +$14...only another $85/90 to go.