While I tend to agree with the consensus that we will rally into mid January based on seasonal factors, I find this view a bit difficult to trade. I am almost exclusivlely long here but far from fully invested and plan to make partial sales and roll up stops as we go. August was a good time to be long and now seems like a good time to figure out what comes next.
This morning the GBP took a solid thumping. Below 190.13 it will complete a double top against the USD. I have been playing around short the AUD against Yen (stopped a couple days back) and am now playing a bit short GBP against Yen. Neither chart really shows trend lower yet so I am just getting involved a bit and hoping to put on some more substantial trades later.
I am watching the second upgrade of the precious metals stocks in two days and wondering what is going on. Are they upgrading them for technical reasons? Was I simply noticing some sort of pre-upgrade accumulation? Who knows I guess. It is a bit annoying as I prefer being active in a vacuum to buying into upgrades. The charts still look nice though.
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