I've booked some of my shorts outside of oil this morning as the market is finding it's footing. Just taking some profits there. Dollar is strengthening and that's likely not good for the gold shares short term. Oil coming in further as it's up only 3 1/2% now. This is starting to look like the exhaustion gap possibility that I talked about last night with a colleague who is short some options.
This market is not out of the woods by any means with respect to the intermediate term trend as that is definitely down, but a reversal higher here suggests that maybe it's come a little too fast and that some folks are thinking that some money can still be made on the long side. Hope they have their time frames set to short term trades and they have put their stops in. I don't expect a big rally out of this area that has any lasting power in terms of weeks; maybe a few days at most.
This market is not out of the woods by any means with respect to the intermediate term trend as that is definitely down, but a reversal higher here suggests that maybe it's come a little too fast and that some folks are thinking that some money can still be made on the long side. Hope they have their time frames set to short term trades and they have put their stops in. I don't expect a big rally out of this area that has any lasting power in terms of weeks; maybe a few days at most.
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