Morning all
Its obvious that my work is wrong on the gold...Sure $1600 came before $1400 which was disappointing.
Such is life we move on and I lick my wounds.
As for the market there does seems to be potential for a run on in the market while smart bears might step in today and become sellers.
Yesterday we witnessed the Venus transit which was a fascinating experience.
I will once again be putting up daily astrology on as many emails have voiced there opinions.
Today I am looking at a hedge trade take what you will of it .
Looking to buy wheat sell gold.
August Gold , Sep Wheat ..
at a ration of 2/1
In the market I strongly still believe that if Greece leave the Euro that then the market will rally, till then any rally wait for the exhaustion point and sell into it like this evening .
Someone got cooked for 28,000 lots on the ES and ran the market 7 handles.
Market is moving into a very dangerous period over the next 3 weeks, that's why I am more in favour of trading commodities than indexes.
Another thing I wanted to point out, Euro open short positions are at record levels.
Last time this occurred market ran up 12 handles... keep a note of it ...
I'm buying some September 131 calls tomorrow there trading around 97...just watch the trade..
