The SP500 broke below a near perfect 45 degree channel, with
a down gap. What can we expect, well, without any significant economic news I
am leaning to think short term downturn for now.
In January the market went from 2696 to 2872, that’s a 6.5%
gain in a month, really that is an untenable advance so something had to give.
Am I buying this low?, I’d rather wait for a breakout.
Definitively I am not shorting since the market is still way
above the ma(21), so I am kind of out of the market now. Only trading daily my
beloved corn futures.
Volatility is on the rise, although some volatility is good
for the upside, is a killer when the market starts going down.
GDX trading inside a nervous box, but still barely over
ma(55). Look for the action in the next days, a close over 24.25 its positive if
it doesn’t travel far above.
Shalom all
