Disclaimer: Steelman's Technical Charts are my own amateur interpretations of technical charts and for informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. Steelman's Technical Charts assume no responsibility for your trading and investment results.
Thursday, January 13, 2011
H&S 1 lives 1 dies
Well yesterday both charts were about to break down and I warned how caution should be taken because when they break they can break hard . The FXE is a prime example on how they will run hard once the patterns break down. The GLD was saved but with such low vol I have a hard time committing to this market . I don't think Europe is out of trouble yet and to think they are saved by a bigger debtor country like Japan buying their debt is gonna save the world. It be like me getting a second credit card to pay off my 1st but I cant do that and survive which I feel is the same for these countries. As for The GLD there is some support at 133.70 then 133. The FXE went and hit the 50 average 1st time since it broke threw in Nov so there should be some selling for a day or so but again light vol I just don't trust it.