Good to be home, I guess. I'm just back from a brief 2 week family driving excursion through Texas, New Mexico, Arizona, California, Nevada, Utah and Colorado. The weather at Venice Beach and along the coast of CA was wonderful. I cannot say the same for the 111 degrees that greeted our return on ugly boring and State Trooper infested Highway 287 in Texas.
Looks like gold has remained stuck within a longer term and shorter term pennant while I was away. The True Strength Index (TSI) on the daily gold futures chart (GC) suggests another pull back this week will be needed to prepare gold for a break out of the shorter term pennant (blue).
Anyway, I took a healthy sized position in Direxion's Gold Miners BEAR 3X ETF earlier this morning at $46.25. I guess I missed the bottom of $46.08 by 17 cents, but heck, that's close enough. At the moment we are trading just below $48.00.
I expect this will be a very short term trade and hope it will end a little ways in the money. Fingers crossed.
My TSI Trading record has been updated.
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