I might have time later this evening for a regular posting, but as it is now, I'm being pulled in about five different directions.
As bearish as I've been on gold, I wimped out yesterday and closed my positions. Profitably, to be sure, but gold continues to be really weak. It is basically a complete H&S pattern at this point, and it's massive. Just massive. If it follows through on this pattern, the gold bugs are going to get totally squashed. Sure wish I held on to those $XAU puts! Ouch.
I'm still very short oil, however, and that's looking sweet for tomorrow from a pattern perspective.
Today was relatively boring (Dow down 16 after noodling around most of the day). September sure isn't providing the kind of fireworks we bears would like to see! But it's all in the charts, not the timing.
If I don't have time to post later, I'll see you Friday.
Thursday, September 14, 2006