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Very Strong Sell Signal - September 22, 2011
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The IWM robot is back with a VERY STRONG short signal for today, with a limit entry (66.88) not far from yesterday’s close but apparently far above the expected gap down for today’s open.
Pre-market is currently testing YS1 (64.40) at the border of the first support cluster. If “panic” selling continues, WS3 (62.26) may be hit today or tomorrow. But YS1 should normally trigger at least some short-covering and buy programs, so a tentative gap-fill after the open is most likely and IWM could hit the robot’s limit entry price.
The trailing stop (70.74) is now below the initial entry (70.81). It is the robot’s first very strong short signal just below QS3 and SS3. That’s clearly the most bearish omen for the overall market.
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No special comment for GDX today. A secondary buy opportunity at 63.25 is just neutral once again. I won’t worry much for the robot’s position above SR1 and QR1 (62.12).
Billy
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Billy- a question about GDX
First hello, this is my first post here, so I hope it won't be a blunder :-)
My dilemma is this: if dollar index is going up (and it appears it is), then isn't it a normal thing for the commodities to go down? Among them gold and gold related stocks, of course. The GDX robot is still in the buy or neutral mode but should we expect that gold miners are also going to be heading south if the dollar apreciates further?
Thx for the answer.