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Like most people who end up with their own blog, I have become overwhelmed with the job of managing information. I subscribe to numerous feeds and literally swim as hard as I can just to stay up to date. Many people I know have asked about where I source my news and commentary and it becomes an awkward, unwieldy experience trying to encapsulate a cogent reply. So this blog is my attempt to point people to a single place where information I follow flows. My blog list is very extensive and I have tried to whittle it down substantially. I am also on the prowl for more blogs, therefore all recommendations will be highly valued! I have daily feed straight to this site some of my favorite content. Daily review of Mish Shedlock, Nathan Martin, Jim Sinclair, GATA, and Martin Armstrong are essential IMO and will be posted here. Also, I endeavor to provide weekly Technical Analysis of Gold, Silver, US Dollar, and select markets. I hope to provide some with an exposure to technical analysis, and at the same time hone my own skills. Also, I will be adding commentary to the daily feeds from other sources. In time, this will be the primary focus of my blog as frequent visitors will channel feeds appearing here directly to their own sites and will come here for either analysis or commentary. I hope you find some utility here and it serves you well out there in the Matrix!

Monday, May 10, 2010

GDX May 10

Daily: "

via StockCharts.com
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GDX is looking pretty good considering the circus of last Thursday and of course after the announcement of a trillion in quantitative easing.  The stock markets were absolutely giddy that Armageddon has again been postponed until at least next week.  Price action is now tracking in an accelerated trend channel within the longer term trend.  All moving averages are below price, in order, providing support.  The upside of the Bollinger band is climbing and will shortly include the previous high of 51.57 within the band.  That will be upside resistance in the near term.  Support comes in at the previous low of 48.   RSI is indicating a moderate reading of 62.38, with lots of upside potential remaining.  MACD and stochastics are also in the moderate range and not over extended.  I uncovered my shares at 48.25 and I think the divergence in the chart has been accounted for.  I am looking for a challenge of 51.57 this week.

The weekly chart is very encouraging.  RSI is again at a very moderate level with plenty of room for a sustained move to 51.50, then off to 55.26.  Watch stochastics for the possible embed.    

Weekly: "

via StockCharts.com

The Elder Impulse chart is painting a green bar indicating a momentum buy.  The bar is green when MACD histogram slope is positive and price is above the 13 day exponential moving average.  A blue bar indicates exit from position and is generated whenever either the slope of the histogram is negative or price is below the 13 day EMA.  A red bar indicates both the histogram slope is negative and the price is below the 13 day EMA.

I am using the Elder Impulse daily to generate entry points for buys when the weekly Elder Impulse is indicating buy (green bar).  When the daily indicates blue, I will look at the weekly to determine if it indicating green or blue.  If green I will hold my position, if blue I will exit.  This applies to stock positions or longer term option plays only.  For short term option trades, I will be honoring the momentum signals on the daily chart, period.  So if trading the stock, today shows both a daily and weekly green bar and a solid buy signal.  The previous blue bars would have indicated a hold rather than an exit because the weekly was painting green bars.

Daily: "

via StockCharts.com
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Weekly: "

via StockCharts.com
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