Wednesday, July 27, 2011

A lot more interesting -Potential Double-Top Formed

The technicals are indicating a potential double-top in the S&P500 and The Dow. It started to form yesterday and it just made the market a lot more interesting. It is hard to tell if this was an "intentional painting" or something for real. It almost looks too perfect. The month of July just completed the text book drawing of a double-top. Gold continues to break out. The path of least resistence appears to be down. Not sure yet how to play it. We could jump on gold for a few more points, we could buy some volatility, etc....working the books...stay tuned.