RedbackaBreakPointTrades are also talking about a head and...

Redbacka

BreakPointTrades are also talking about a head and shoulder pattern

http://breakpointtrades.com/controls/preview.php?la_id=1301

So is Adam Hewison (Market Club)

http://club.ino.com/trading/2011/08/they-slide-faster-than-they-glide/

There is a possible target of around 1150 for the S&P500.

They are both bullish (for now) about gold.

Not sure what this means for those that are into Australian goldies. The positive is that the AUD POG is rising (partly due to a fall in the AUD/USD exchange rate).

It appears that without some stimulus in the US, more negative news could drive the market a lot lower.

I am still expecting/hoping the ASX to be back around 4800-5000 by the end of the year on the back of more QE around the world and government stimulus. The worldwide slowing in manufacturing was predicted by the ERCI a few months ago but the markets have been slow to react to this, plus we have the continued fun in the PIIGS and the recent US debt ceiling debate. ECRI details below -

http://www.investmentpostcards.com/2010/07/26/ecri-wli-slowdown-or-double-dip-recession/

Obama will do something to try to get re-elected and he has Benny on his side. The VIX seems too low for a further possible 7-9% correction that some think could occur.

loki (goldbug)