When I heard CNBC say that gold was up 9 pts. in pre-market, I knew that the flight to safety trade was in play following yesterday's sell-off. Gold is a leading indicator and today's high volume breakout signals that investors believe that this market correction, will be deeper than the last.The S&P, meanwhile, printed another NRB and appears to be forming a H&S top.
All of my gold WL stocks opened strong and rallied all day. AEM gapped up and carved out a C&H pattern in early trade. Took a partial on full measured move of the pattern and held the rest to 200% extension. Traded ABX in the retirement account for a swing trade. As noted above, there was big volume supporting this move, so it's worth hanging in or re-entering when the second base breaks out.
POT - AGU for POT rumor triggered some buying off of the ORL. Managed a couple of quick target trades as POT carves out an inverted H&S bottom. Keep this one on the focus list for tomorrow.
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