Monday, December 8, 2014
Update on GLD:UDN after the 1:40PM pop
As an update:
It's only a half-baked theory of mine, that gold ex-USD has been rangebound while Wall Street honky crackers have been shorting it in a long-USD short-gold pair, and that the ex-USD rangeboundedness was a hint that this pair might not work out well for them, and that gold's pop out of that range on Wednesday was a sign of a possible upcoming change in the market's bias.
But that candle being printed today goes down to the arbitrary short-term EMA and support line. Now for some reason gold's popped up this afternoon.
If GLD:UDN ascends from here to make a new closing high above 4.82 or so, then there might be something to this half-baked theory. Because, objectively, a theory is right if you make money trading on it, and a theory is wrong if you lose your shirt trading on it.
Speaking of which, right before the pop I bought $30K of HGU.to at $5.03. No honestly I did. No really. I thought GLD and SLV were acting like they were waiting on something, and seeing both above their EMA(10) while the miners were down threatening a double bottom set me to tradin'.
It's all still early, but that sort of thing in the chart there sure is spoooooky.