[Gringo]

Above 122 I exit and under 120 I go short. You need to have your own criteria about what to do. For some going above 120 is a long as it's a breakout. I play reversals hence under 120 is a short. Someone who went long above 120 may have 119.5 as stop loss or 119 or lower based on personal plans.

There are other threads that explain where to exit etc.

Gringo

[Gringo]

UUP is heading close to the support line around 24 area. We'll have to see how it behaves there. The drop has been quit steep with lower volume hinting at lack of support.

Gold is in a long term uptrend.

GLD Weekly shows 120 and 123 to be s/r. It's more like a range in my eyes especially after the price broke above 120 two times. Still to be sure 120 is a resonable support/resistance area based on volume. Be aware that after falling below 120 the price didn't just collapse but rather is meandering closer to the resistance line and could break upwards as well.

For a longer term perspective about GLD. See the trend upwards. Although this current rally couldn't take gold past the previous highs for long and price fell below 120. It could be early signs of weakness, sideways movement, or a random event. All I know is below 120 (under resistance) is not a place to go long in my books. Those with other plans may do whatever they wish.

Non-Wyckoff Ramblings:
On a side note, notice how GLD advances rapidly after the Tech Bubble and continues to advance thorough the Housing Bubble. Some indicate this to show how expansionary monetary policy is increasing gold value in dollars simply due to the depreciation of dollar. Other North American central banks have been more or less moving in tandem with Fed policies hence a global rise in gold prices in terms of currencies.

This straight forward trend analysis and chart makes is simple to see which way price is moving. A lot of hassle is removed from the mind by just having an upward trending line showing clearly the long term trend still being intact.

There are signs of gold based exchanges where online a person can bypass currency and have gold account and buy or sell goods in terms of pure gold. There are in Australia mining companies that allow 100% backed gold exchanges - meaning they don't use fractional reserve to lend more than what they have at hand akin to a modern bank. I am not sure how strong this trend is however, the disallusion with too much interference by central banks in the market may be a cause of this.

There are so many reasons as to why gold is rising so much faster than other commodities. It's also possible the time for a bubble in gold is close at hand and it might get its due euphoric rise and then a collapse. Most things that go up fast do end up getting dumped at some time. In the 70s and 80s I believe gold went from 50 to 850 That's was quite a rise.

The simplest and straight forward way is to keep an eye on price and leave the stories for table talk. It's easier to have a nice story to explain things as opposed to saying simply that the price is below resistance hance I am not long.

[Gringo]

AAPL is around support/resistance and long trendline. Break of s/r would imply probability of going down to be greater. Rebound here could take AAPl to the upper bound.

Upper limit: 272
Middle: 256
Lower Limit: 240

Break of trendline implies the uptrend may be over. It does not imply the uptrend is over. Price could after breaking the trend line move in this manner:

a) sideways
b) down
c) up

My preference is to watch action at support or resistance and then decide what I need to do based on price and volume behaviour.

Gringo

[Gringo]

AAPL bounced from the 240 support and is up. I had emotional cloudiness over this s/r as my heart believed s/r was going to break and AAPL was doomed. The priced kept hoovering around s/r for quite a few days indicating it didn't have much power to rebound.

Just like many other things in market individual opinion count for naught. I was wrong and as soon as AAPL regained 240 long was the play with tight stops. It was a good reminder to stay true to price rather than formulate doomsday theories. Couldn't a child have traded this easily with knowing just that above 240 is long?

Q's are approaching s/r around 47.

I looked at gold closely and saw the below s/r. It's touching s/r right now. My earlier charts had GLD with one box but two seems a better fit than a wide one box.

As a side not there's been some strength in cloud computing stocks. These are the stocks that have benefited from the proliferation of iphone and related products. NFLX, FFIV and others. Notice the lack of slowdown over the past year. Most are exteneded from s/r but those with interest can stay alert to better entry points.

[MadMarketScientist]

Gringo,

Great analysis and thanks for posting the charts.

AAPL for me has been a long-time favorite to trade -- usually I end up trading the straight calls or puts when I get a set-up I want to take. It is a favorite of mine on the daily chart but I also like it quite a bit using 195 minute and 130 minute charts. They behave almost identical to the daily chart since they are "slow" but you get 2x to 3x the number of trades which can help in case you get bored waiting for set-ups on a daily. That's bad to admit, but it happens to me sometimes.

Others that I have found trade very well on the daily include ADSK, WYNN and of course GOOG.

MMS