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"As a technician, I feel that there are few analysts that offer value for me, but you do. Your work on Gold ratios has helped my analysis greatly." --Jordan Roy-Byrne, CMT (The Daily Gold) 4.9.10
Tuesday, October 4, 2011
I just covered short positions in SPY and QQQ in the conservative account, which is now heavily in cash along with junk bond bear SJB (will ya look at JNK and HYG tank). The spec account continues to hold its SDS, QID and SJB and a lot of cash against core gold stocks, which are of course getting hammered.
SPY is pretty cut and dry. Technically at least, the chart says the red resistance line should act as a barrier to any bull hopes, and the target measures down to 102 (1020 +/- on the SPX).