pay attention or pay the offer

thoughts on markets & cetera – christopher carolan

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Selling Begets Selling

November 19th, 2008 at 7:56pm · No Comments

At this time there seems no point in trotting out the usual indicators as all that matters is sellers are lined up to sell and their numbers significantly outnumber buyers. Once again my short-term volume oscillator accelerated do the downside in the last hour of trading.  As stated before, my interpretation is that it’s so important for these people to sell today, because they know they have still more in the pipeline to sell tomorrow.

The CBOE put/call numbers took a jump, and wouldn’t you know, but their website changed how they display the data and my Excel macros have to be rewritten to import the numbers into my spreadsheet. Oh well, it beats those years when I collected the data via phone from the CBOE typing in each 30 minute entry.  Ah, to be young again!

Gold registered a bearish range-bar reversal on the daily chart. Gold’s going to be a buy at some point, and it’s not a bad idea for long-term holders to be accumulating now. But from a trading standpoint, it looks lower over the near-term.

click chart to enlarge

click chart to enlarge

Tags: General Market Commentary · Gold · S&P 500

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