Well, I’m off to the Magic Kingdom next week – no, not Cairo – Disneyworld. All’s well in Cairo, just so you know. Nothing to worry about. Nothing to see here. Keep moving.
Will stay in touch with the markets from time to time, even if I have to pay the $10/day internet access fee. King Mickey always gets his, just like all Kings do.
Meanwhile, here’s some thoughts on Gold and Silver. I have no major thoughts on the S&P, NQ or Dow for now, but I will be interested to see what happens at S&P 1,333 (2 x 666 low in 2009).
Gold and Silver is where I am parked for now. The action in both has been encouraging this past week and now looks like we’ve got a nice little setup. Cup and handles are forming on both charts and the dollar has now tested the 79 area (10 day MA) with no major pullbacks in the metals.
A really good source for those interested in cycles is Gary Savage. His work continues to shine above most and is the foundation for my swing trading. Gary’s work continues to point to coming cycle lows in the dollar and cycle highs in metals playing out through the spring.
Well, spring’s coming – and the effects of QE2 continue to play out. With QE2 expected to end in June, it’s no wonder the cycles are working and is why I am staying with metals for now.
If all goes according to plan, King Mickey and I will have steak and fine wine next week. If not, there’s and exit plan below the recent lows and we reassess.
Otherwise, watch for the next round of social uprising in the Middle East. It’s bound to have an effect on all things tied to “safety”…. and that sounds like gold/silver to me.
Have a good week and trade the extremes!