Ole Ole Ole Ole! - June 11, 2012

With the 20 DMF in neutral mode and in the absence of LT/ST settings edge, the IWM robot will stay in cash.
After the weekend’s positive reactions to the Spanish banks bailout, the pre-market anticipates a gap up above Monthly pivot (77.83). The price trend will remain up as long as the uptrend support line from June 4th is not broken on a daily close basis. If it happens, a consolidation around Quarterly S1 (75.90) and the 200-day moving average (75.76) technically looks much more likely than a full downward reversal.

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GDX bounced early Friday from the 50-day moving average and flirted all day with its previous uptrend support line that I have now adjusted with Friday’s low. The GDX robot’s advised entry limit of 46.76 would fit perfectly with the Head & Soulders setup presented in the forum last Friday. However, the multi-pivots offer a massive support cluster with strength of 28 while resistance is relatively weak, especially with a symbolic second resistance cluster made up of only Daily R3 (48.53). Therefore, light position-size is recommended until we see a daily close below Yearly/Semester S1 (44.77).
Billy

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