Thursday, May 13, 2010

GLD Turns Neutral

Following on the heels of an extended run up, GLD closed neutral on Wednesday's Strategy Matrix, with the short bias on the 5-15 minute bars and the long bias on the longer term. For future studies I'm expanding the scope of the GOLD exploration, adding silver to the mix for a number of reasons that will be apparent in the following days.
I've also been refining the old PDQ Dashboard and we'll be rolling that out in short order. The Gold PDQ turned flat as of Wednesday's close in alignment with the Stategy Matrix so we'll be interested to see how GLD behaves over the next few days.
The Telechart program is crashing (again) so there won't be a rotator update posting tonite. What I can show is the relative momentum of GLD, UUP, NEM, and SLV on the charts below. The UUP continues to be the big breakout story while GLD and NEM continue their impressive march upward. Wednesday's dojis on GLD and NEM haven't been seen for a while. In the past the doji has not been a reliable tell for GLD related momentum changes (55%) although it has about a 70% reliability with SLV over the past 16 months (my typical floating TS lookback study period).

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