I sold my GOLD long today way above my target, which was the 50 day, see prior post.
I had to sell it based on the larger trend, which is down based on my weekly MACD thesis. As I stated in a prior post any daily MACD cross over up while weekly MACD is crossed over down should be sold into strength. Therefore I had to adhere to my strategy.
I did add to AU yesterday as I believe this equity will also test its 50 day or higher. Most of the sector has already done so, this one will follow suit. AU tends to move last in the sector for some reason. Again the larger dominant trend must be recognized, so my entry yesterday is for a shorter time period.
I shorted XRT this will be on a tight leash.
I bought DOW today on a trend line break in my eyes. This is a short term trade.
I am still short KSU, but I did buy NSC a few days ago on the long side for a scalp. Sorry I did not have time to post it due to the little ones arrival. My post should be more regular again as things have got back to normal in the household.
I am watching FDX for non confirmation of its recent daily strength. As weekly MACD is crossed over down. Remember I keep it simple and stick to my strategy's and watch for non confirmations on a weekly time frame. I always try to be on the dominant side of the trend as most of my losers come when I forget this simple rule and know all weekly MACD's are crossed over down for the major indices at the moment. A side note IWM is non confirming its daily chart strength on a weekly time frame. I will be monitoring it closely.
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