the Yuppie Pig

Here we are again, with yet another chart pattern on the daily chart reminiscent of a bottoming pattern. Volume wasn't particularly strong, and the last 30 minute run up could have been more about closing out the books for the weekend (who knows what could happen on Sunday) than a real rally. But nevertheless, these chart patterns can be self fulfilling.

It we do get a rally; target 50 day EMA which acts as major resistance in bear markets.


The 60 minute chart is rolling over to the bullish side, which is just about ready to give a buy signal. Of course, the last time it did that, it merely lasted for one day. Again, I'll try to play this signal, but I'll be ready to jettison the whole idea if I even suspect something is off.


TBT looks promising here. Suppose the market does rally or holds flat here, that should let some of the fear drift out and cause the govies to sell off.


Here's the 60 minute chart of TBT, also showing a bullish cross up forming.


On the inverse note, if fear is leaving, then I want to be out of GLD in short order. Coincidentally, this is going to roll over to a sell signal soon.