yes interesting pivot point this week my wbc finally through $27. mqg jbh and bluechip consumer stocks all at verge of new levels. an important turning point
crude through my pivot point last night. new level. will it go on with it and take gold up with it crude and spx are the only charts showing some volume and new levels on this run
normally would just wait and see but we are at end of tax loss selling and well there really has been very little if any of red if this is a retrace then next wave up could be a good one
the commods have pulled back with the $US holding at this level but i expect the writing is on the wall
the ace for me remains china. china is on the move. whipping up new trade to turn itself around china has promised 5% rise in cpi by december and it can manufacture that outcome just by a few well placed announcements
i am still waiting for sept for bhp i would like to see decent falls leading into november and then rinse and repeat the run we had from last november but will see
at the moment technically we are still on a wave down on the commods
the short term gold chart shows support at 2300 where it had a reaction and turned green and it is now at the usual point of challenging the short term downtrend. but on weekly and monthly the uptrend remains intact the pivot point is here but even if it fails on short term then are many levels below it. 2200 beckons for mine but this level and short term run is not over. fly or fail time crude is green which is encouraging here but will see. i am not going to undo all my work buying at start of the major run by buying here on a short term reaction i would like to sell my consumer blue chips on a spike up which is where I sense we are heading short term
reporting season soon which will change the dynamics
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