Friday, June 19, 2009
Great bear market trading set-ups
are everywhere right now. Here's a good example on the XLF financials ETF (60 minute intra-day candlestick chart):
Charts with juicy set-ups like this are all over the market. Time for the bears to make some money. The $VIX just filled the gap and is getting ready to explode to the upside. Next week (and maybe even the end of the day today) should be fun to watch if you're a bear.
I think the "A" part of an A-B-C correction in senior Gold mining stocks is likely over. Next comes a "B" wave rally to draw in some bulls before a "C" decline with the tanking of the general markets that will likely last into July and provide a great buying opportunity in senior Gold miners. More later on this. Patience, Gold stock bulls, patience. Of course, every individual stock has its own chart and that's why I remain long Royal Gold (ticker: RGLD), which I think will start moving to the upside in earnest next week.