Jan 3, 2005

More Selling to Come?

This morning's reversal has knocked a lot of momentum trades back to last support. It feels a bit ugly but we had a couple of days like this in Dec. that failed to motivate any sellers. That is what I would expect today as well. Monitoring stops closely but I would expect a recovery and for the rally to get its legs back for another couple of weeks.

The XAU is getting its hard retest of the 200 day today. I am buying a bit but if it can't find its footing by Weds. I will dump my stocks and wait. The metal has quite a bit more risk here than the equities.

No comments:

Post a Comment