Thursday, June 17, 2010

Technical Picture - Consolidation Day

A choppy consolidation day as the markets digest last week's rally and weak economic data (jobless claims and Philly Fed at 10 EST (8.0 vs. 20.0 expectation). As we approach quadruple witching options expiration tomorrow, stocks typically chop around. Gold showed leadership in the early going but follow through was lame as the gold ETF GLD retested resistance.

Still, trade is constructive. A late session surge left the major indices with fractional gains for the day.

$USD weakness vs. Euro strength continues, but minor support/resistance in play as depicted on the charts.

GLD forming ascending triangle. Will today's gap support hold, or will we fill the gap prior to attempting a BO?

My gold trades - GG and ABX didn't extend as I'd hoped. What was the rational for these two trades? Gap strength and prices holding support of 5 EMA, so buy pullback in the hope that break of ORH will lead to full extension.

AAPL - bull flag trade from yesterday.

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