Tuesday, October 25, 2011

Gold and Silver: Helloooo I'm Back!

Silver ($SI_F) looking like it wants higher as it’s poking out of its range — has room to the 200SMA.

Gold ($GC_F) reversed at 1705 resistance — but looks like it has room until 50SMA.
We wanted $SPY at 126.2 for short and went to 126 in pre-market before reversing.   As for support it’s all about gap fills — 122 and 117.5.
We had $IWM as a short on our newsletter at 74 for days (and tweeted several times)– today it hit the level pre-market and reversed hard.   We see that happening a lot lately — hitting resistance overnight futures/pre-market and not in regular session.   Note that was first test — next test will likely break-out of the range.
Copper ($HG_F) failed break-down last night through 3.50 but through there and has room to 50SMA and daily resistance near 3.65.    Copper has been wild lately and we’ve been staying away — massive death days followed by rip days.   Lots of things going on in the background there and too volatile for us to get involved.
Huge move in crude ($CL_F) that stalled at the 200SMA today.   Lots of congestion ahead — further upside should be tough as lots of stickiness around 95.
MoMo getting murdered left and right ($GMCR $NFLX $AMZN), market extended into resistance:  we’re happy to hone those intraday trading strategies.