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

Posted on Aug 23, 2012 by in Letters

http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=1&mn=0&dy=0&id=p20970412253&a=255869372

Gold and silver (not illustrated here) have broken out and we are placing long trades in these instruments.

http://stockcharts.com/h-sc/ui?s=$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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