September 2008 Archives
It figures that the Gold and Oil markets start to collapse just as I go on hiatus. My guess is that hedge funds are selling their winners to cover their losers (financials, banks, etc). This has had a nasty consequence in the currency markets with the AUDUSD collapsing from its near parity with the USD to around 0.80. Next stop for Gold could be $600 and Oil maybe $80 (wishful thinking?).
My timing models are going wild and pointing to a lot of market crosscurrents. This shouldnâ€™t surprise me because we are in September after all and I canâ€™t wait for October. We are at a very heavy volatility area in the S&P500 market and we could be making a low or preparing for the next leg down. If we are to go lower from here, itâ€™ll be at least a 100 point drop in the S&P500 down to the 1100 level. Howâ€™s that for optimism? The upside potential for the S&P is around 1350 right now.
Iâ€™m still on hiatus but had to pop in to make a few comments. I should post my last video tutorial sometime but I donâ€™t know when Iâ€™ll get to that.