After opening higher, the stock market did sell off as expected today and the SPX was down as much as 18 points before closing with some strength on the close. Earlier on, it was up over 20 points.
The current pattern suggests more selling tomorrow and we may close out the short position at the close tomorrow and maybe initiate a long if things look right.
We are neutral gold mining shares right now awaiting a better set-up for our ST model. The IT model is still expected to be neutral until next week.
We use Elliott Wave, cycles as well as technical, and sentiment in order to determine the direction of the Stock Market and Gold Mining Share Market. Trades verified by Timer Trac and trade the close each day. Gold trades track Profunds/RYDEX/XAU mining shares and not bullion. Weekend blog is for the longer term outlook and review of the week. Please support the Welcome Home International Foundation (below) and help yourself by getting your own My Power Mall. Please pass this blog on to others.
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