Weekend July 28, 2012
We believe the mood changed significantly in the pre openning Wednesday Morning
TLT crashed five points in three days recovering a bit Friday afternoon. Half way is 129.5 and that would seem reasonable re tracement target before the decline resumes.
Conversely, GDXJ is the mirror opposite. Half way for the move is 18.75-19, with the 125 and 162 moving averages about there, it seems a reasonable guess. But gold finished fairly strong Friday afternoon. We may have to wait till Monday to see if there is a pause or a continuation.
it will be interesting to see if the markets pause or continue up. As noted this was the first time in 3.5 years for such a performance by the Dow Industrials, a fitting kick off for a social mood reversal.
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