The Brains Trust - 2016, page-13275

Great cha. I need to just see how the chart looks for a couple of days on gold. Interestingly because most of the action occurred yesterday before New York opened, my charts on gold that I run on the New York market ended up only closing the gap on the topside that they left the previous day. A couple of things worried me this morning - in particular where the XGD stopped yesterday. Always means more to me when things run up to a mark or line that I already have on my chart and that is precisely what it did yesterday. What I would like to see now if it comes off is the possibility of a nice big head and shoulders bottom pattern with the high yesterday part of the neckline.

I'm a bit unsure on oil as I was only looking for this move up to be a rally correcting the last fall so not really on top of oil stocks at the moment.

Prefer the miners. Love IBG - I know it blotted it's copy book last week but I think it is about to have another go with a bit of nice buying there this morning after yesterday's sharp fall. I was lucky enough to have an order sitting there yesterday when the sellers came to town.

At the moment though it really is day to day until things settle a bit. Have you had a look at the iron ore chart. Love the big head and shoulders bottom that has taken all this time to form. Probably would have preferred it to continue on up quietly. Limit moves in futures suddenly attracts too much attention and can lead to corrections.

Also - going back to gold, my downtrend from the 2011 high, drawn on semi log scale needs to be broken before the next big move will get under way. Happy for Pilsner's timing of maybe December to do that.

Don't we live in interesting times. I am just finding that each morning I sit down here at my desk and it is hard to know what should take priority.