8th day of $QQQ short term down-trend; $GLD in Stage 1 base?

GMI1/6
GMI-20/8
T210838%

GMI-2 falls to zero, with all indicators negative. I am mainly in cash. This is an unusually good description of how bad this market decline is.

It looks like gold is forming a Stage 1 base.   The gold ETF, GLD, formed a double bottom around 114.50 and appears to be forming a base.   Gone are the pundits talking about gold reaching $2,000 or $3,000 per ounce. As they now proclaim that gold has more to fall, it probably will start to rise.   I am nibbling at GLD.   Here is its weekly chart. As always, watch the chart, not what the pundits say.

GLD02052014

3 thoughts on “8th day of $QQQ short term down-trend; $GLD in Stage 1 base?”

  1. Something worth noting. The volume for the month of January, which was negative for the month, was just as high as it was for Marh 2000 and Much higher at the peak of 2007 and 2008. Might be getting a bit defensive on some of those long term investments

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