Sunday, May 31, 2009

Big Week Ahead...Finally

My system has moved higher to above +850 and the buy signal is on with a confirmation needed tomorrow. The market managed to stall the movement out of this consolidation last week but it's out of time. The Qs did break out during the weird buying spurt at the end of Friday's trading and we'll see if the rest of the market follows higher. The $HGX had another good close higher to 85 and a break of last week's high above 88 will indicate that last week's whipsaw in the $HGX was the precursor to a significant move higher as there almost always is a shakeout before major moves. Bottomline, the whipsaws should be over and the breakout above 88 or breakdown below 79 will be the "true" direction. Have a great week!

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