OptionEye Morning Macro Outlook June 24th
Record ratings and limited wet weather damage have the bulls in charge again.
Corn was down overnight but now is unchanged. Beans are down 9 and wheat is unchanged as well.
The gold market is a bit better this morning. Currently gold is $1323.83 up $6.47. Some are trying to argue that gold is a proxy for central banks out of control. I don't buy it.
Oil is up .14 cents to $106.31.
Stocks are lower overnight with Europe mainly mixed.
The 10 year rooted firmly to 2.60% as we digest the Fed and ECB going into the holiday week next week as well as end of month and end of quarter.
The dollar is slightly weaker to 80.23 down .04.
Re: OptionEye Morning Macro Outlook June 24th
Gold- looks like wave e up of a 4th wave triangle. Should be a 5th to new lows.
I dumped my gold and silver dubloons in 2011 near $19 and above $40. As I said at the time, there are a very few chart patterns that you asolutely always take action on- no matter what you fear- and one is falling out of a parabolic rise as silver did. Even gave a nice classic bounce and retest after falling out.
I'd like to own some again and should get a chance if geopolitical matters don't muck it up. And there are some candidates out there, to say the least.
BTW, as far as dealing with a parabolically rising market. Ideally you're long (or at least out lol) and take profits when it falls out.
It may or may not give you the bounce and retest but I wouldn't go short until it does. If you miss it you miss it.