Gold and silver break out. SPX turned back at resistance.

Posted on Aug 23, 2012 by in Letters

Gold and silver (not illustrated here) have broken out and we are placing long trades in these instruments.$SPX&p=D&yr=0&mn=9&dy=0&id=p70413847164&a=214966864

Meanwhile it appears that the SPX has been turned back at resistance.  The short term trendline from July is broken.  This is a minor matter for investors.  For traders it is a sign to hedge or take profits.  We are hedging part of our position.  Investors will be looking at the trendline from June and the Basing Point stops.

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