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Thursday, January 27, 2011
Thursday, After the Close!!!
The 1-2, down count on the Russell is still valid, with the RSI hitting trendline resistance, this count still looks good going foward, also the STO is rolling over to a sell. The Bears still have a chance that an important top was put in!!!
Gold got hammered today, breaking below another point of support from a previous low, losing close to $23 or 1.67% today. It is possible that we might get a bounce here soon, something very unusual happened today, Silver was down 0.99% but did NOT make a lower low, normally the moves in Silver are larger then in Gold.
Wow, that turned into a very boring day, as evidenced on this 30 minute chart, overlayed with a set of Bollinger band's, price action stayed flat for the majority of the day, in a tight 2-3 point trading range, normally this action is a period of consolidation that removes some of the over-bought conditions before a move higher. The trend does remain up, but the Bulls are having a hard time gaining much ground, usually once the Bollinger bands get broke, there is a large move, this time, odds are favoring the bulls, however, a spike up thru the bands, can also quickly reverse signaling a larger move downwards where the first break is a false breakout, or headfake.
Breadth for the day, also showed the signs of a boring day, at only 1.22:1, advancers, on light volume of only 986M shares traded on the NYSE. This is one of those days it would of been better to get and and do something besides watching the market.
There was one change today on the Trend Finder II, any guesses, before you look? Also after hours, Amazon missed, and is down hard.