The Golden Sunrise
The essential morning read for investors
Golden Sunrise is the Golden Surveyor’s broad-based market and world view.
Written daily 4am-7am by markets information specialist GS John
Today’s Golden Sunrise
Tuesday, June 22, 2010
Hours of daily research consolidated for you
Reverse the Reversal?
The week-end announcement that the Chinese government was going to de-peg the yuan/renminbi from the dollar was the one reason market explanation for the gap up in markets and early surge as extrapolations were quickly calculated as to what that might mean.
The SPY on a 10 minute chart: including the opening today 6/22/10
That outlook changed is evident…some buying came in at the end of the day on decent volume relative to the day. Today will be interesting for those very reasons…we have had a series of big moves in both directions without clear direction. People are looking for the right shoulder to form, not unlike last end of June, early July. What everyone sees is often not the place to betting on.
The SPY on daily with a channel showing a range, with some clear implications if the market should break it either direction with accelerating volume.
The Williams %R is “overbought” at the moment.
Monday’s reversal generally and close below Friday’s low generally means continued downside but in these gymnastic twist and turns and summersaults may not follow protocol.
The 10 minute GLD (gold) etf..Gold hit an all-time yesterday at 1265 and blew apart after that dropping $30+ by the end of the day. The motivations of people in this segment of the market have such variation but there is action here and rather than all the one-liner reasons for movement in price the yo-yoing might be just trading to make dollars-not flee from $, not flight to safety.
There are a myriad of market opinions and they can all be right in their own time context.
Continue to like owning physical gold because there isn’t enough to go around and because it is less convenient to trade than a few keystrokes buyers tend to hold long term.
JohnR
Goldensuryor.com
