Gold, Stock Market Down: Now What?

By: Brad Gudgeon | Sun, Sep 11, 2016
Print Email

Last I wrote, I was expecting a stock market top early in the week with the late week dropping.  We had gone short on Thursday, but late screwy wave action had me pull out to neutral (to my chagrin). I had been looking for a 10 week low within this general time frame and I believe we are there. A move down to challenge the SPX 1994-2100 area would not surprise me on Monday. This should be a great buying area for one more move to new highs by early October at the latest before we see the expected autumn swoon.

On GDX, I was looking for the 28.43 to 29 area by Wednesday and we hit 28.70 early Wednesday in the pre-market.  A look at the dollar's action combined with Mercury Rx had us getting short GDX via DUST and GDX puts for some nice profits as I expected a possible move to as low as 26.42/.49 Friday (we tagged 26.25). GDX looks like a great buying opportunity to me for next week into OPEX as the astro/cycle/waves look good for a nice rally. Mars is rearing its ugly head again early in the week, but tops off with a trine to Uranus later in the week.

GDX Daily Chart
Larger Image

SPX Daily Chart
Larger Image

We are adding auto-trading with Global Auto Trading next week.  We also added two new alerts: Volatility with UVXY and SVXY, and Options Trading that trades SPY, GDX and UVXY/SVXY puts and calls. We are also adding webinar training for those new to trading.

 


Also coming soon are FREE webinars explaining the benefits of joining our group followed by a week's worth of tire kickin' to try out the service. Check out our September 2016 trades so far. Get ready, big moves comin' soon! Sign up for our free e-mail updates at blustarmarkettimer.info

Brad Gudgeon, editor and author of the BluStar Market Timer, is a market veteran of over 30 years. The subscription website is www.blustarmarkettimer.info

 


 

Brad Gudgeon

Author: Brad Gudgeon

Brad Gudgeon
BluStar Market Timer
Blog
eaglesoveramerica.com

BluStar Market Timer Investment Philosophy: The stock market is currently in a technical Elliott Wave Bear Market Rally. It has been exhibiting A-B-C type waves instead of the normal 5 Waves since the market topped in 2000. According to "The Original Works of R.N. Elliott", we are due for a move down to about the S&P 500 442/443 area in the next few years. In my opinion, this is no longer a buy and hold market, but a traders' market. We mainly swing trade the market with funds and ETF's, but otherwise trade according to the market's disposition and to the traders' discretion. For the year 2014, BluStar Market Timer is rated #1 according to Timer Trac. http://www.blustarmarkettimer.info

Disclaimer: The information provided by the BluStar Market Timer is to be used for educational purposes only. We do not recommend the buying or selling of any securities, are not registered investment advisers and do not offer investment advice. Stock market investing is considered risky. Market timers can and do make mistakes. Past performance is never a guarantee of future performance.

Copyright © 2014-2017, Bradley Ray Gudgeon, BluStar Market Timer, Eagles Over America. All rights reserved.

 

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com