Day 4 with the Neo Pen…
And brief commentary on Silver, Gold, Grains, Midcaps and a couple of the energy markets.
- Silver broke out of hourly range yesterday but now has hourly sell divergences and possibly daily ones as well. If it remains as strong as it has been the last couple of weeks, then this should result in primarily sideways price action over the next one or two weeks.
- Gold is likely to eventually make new yearly highs but for now is inside a rectangle and so no action expected here – a situation that might remain as is for a little bit longer.
- Long Bias in Corn and Wheat. Short bias in Yen. (Scalp trades)
- Z-days in EMD (wow – what a move yesterday) and Platinum (another wow-what-a-move market yesterday)
- Crude – Yesterday I was excited about this breaking up and out of hourly side-ways line but it only did briefly and then came out the down-side instead. Now sloppy but might form a tradeable pattern later.
- Heating Oil – Is that making an ABC down pattern? Currently looks like its forming the “B” leg in that type of a potential pattern.
- PA (Palladium) – looks like the start of the move out of its daily bull flag.