Tuesday, November 24, 2009

Gold Digger

No gold-digging for me... I take diamonds! We may be off the gold standard someday.” - Mae West (If only she could see what's happened since....)

Tuesday mid-session finds most of us grumbling about this chop, chop, fizz, fizz tape, and there's really not much to say, as we all expected as much before the Thanksgiving holiday here in the U.S. All eyes have been on gold for several weeks now, and gold is only slightly up so far today, but rather than focus on that chart, I'm sharing a chart on GDX, as we may have a potential trade there is if stays true to form and plays within the channel. Oil is also showing some interesting possibilities here, so keep an eye on that chart as well. On the bullish side, the upside target is rather lovely, to say the least, but with inventory report coming out tomorrow, that pattern is tracking the lower channel support and it could still go either way. DDT asked to be reminded to share some DM charts on some Chinese stocks, so while we wait for those, here are the most recent charts on SSEC and HSI, but these are prior to last night's action, where SSEC took a -3.45% haircut, HSI correcting -1.53. Good trading to you into the afternoon session. The treasury auction announcement is at 1:00 PM EST, followed by FOMC note release at 2:00 PM. Tomorrow's economic calendar includes: 8:30 AM Durable Goods, Personal Income and Jobless Claims, Consumer Sentiment - 9:55, New Home Sales - 10:00, Petroleum Status - 10:30, Nat Gas Status - 12:00 and 7 year Note Auction - 1:00 PM.

Groundhog Day or How I spent my last Thanksgiving...

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