Friday, February 22, 2013


So far it seems this latest contrived take down of the commodity complex has failed based on the idea that the only thing that matters is the price of gasoline at the pump. Given that, looking at the intra day chart of RUT2K/UGA/GLD/JJC  it looks to me that UGA (gasoline) is leading the Russel 2k off the lows (circled) and will break out to new highs 1st, unless the contrived take down is not over yet.. which I believe is the case.  I'm looking for the lower long term up channel in gold / gld  to be tested before the stock market is done correcting lower...

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