A correction is SOOOOO obvious...it has me wondering...

I'm just watching my trendlines, which will probably be broken overnight causing me to take gains the next day at worse than closing prices. That's ok with me because I plan my trade and trade my plan.

It's just too obvious. Isn't everyone thinking of selling at the round number of $700 (or close to it)?

Update on GG, it didn't break it's uptrend line, so I didn't sell it. It did indeed consolidate in sideways price action - maybe whispering to us that the price of gold had more upside to it, which gold acted on today.

Thankfully, MarkM is an addict now, so I bet we will be hearing from him again. Good to have you back.

Attaboy, MarkM. Thanks

God only knows what dumb things I may do without the steady hand of you, Bill, & the other smart ones.

Kinda new here. What is the scoop on MarkM? TIA

Well, well, well. Lookie here. Miners coming off relative strength (vs. GLD) declining trend (since the 18th) and continuing to strengthen throughout the trading day. No selling off the gap up like previous days. FOMC announcement tomorrow. Did Beekman steal the orange crop report? (Trading Places) Or are The Boys planning a morning nasty-gram? VERY CURIOUS.

Weekly RSIs (14) have DWARFED the 2004, 2005 highs. Now at 85! Daily at 76. Folks that is some white hot metal.

Thanks for the kind word Bill/g034. Back to work for me. I'll try to send a note once this thing corrects as to miner's positive divergences. Good luck and good trading everyone.

Long: GLD

MarkM -

Nothing personal, but my p&l hopes that we don't hear from you too soon ;-)

(unless it sets up for a nice opening price for XGD).

GLD - first fib support at $65.50 - $66

g

Guys, check out agricultural commodities. If our metals correct, the agri-commodities have yet to be hot. Namely sugar, wheat, soybean meal and perhaps lean cattle. Will go long the futures of the first three sometime soon(Probably tomorrow)