5:27am PST. Gold futures are up $9.50 and it looks like if we close above 1201 today that is going to be a green light go to 1243 at least. Yesterday there were a lot of mixed signals in the gold sector. Silver closed bullish, but GDX and Gold did not. Sometimes I guess you have to be willing to lose in order to win and you have to know in which cases you can do that. I have been watching SSRI very closely for clues and wrote previously that the pattern looked bullish. Although we did not break out yesterday as I had anticipated, I think we are doing it now this morning. I am sometimes 1-3 days early on the trend trade and realize I need to slow down my trading. But, if SSRI closes today above the upper trendline, that is going to be a multi-month long buy and hold trade. The conservative way to do this trade would be to wait until the close today and see if SSRI closes above.

The dollar is down as expected because we closed yesterday under those large 1.6 million block trades on the UUP at 26.04. The Dow futures are also down slightly. We closed above the large 7 million prints on GOVT which is why as long we stay above that print I am not buying the Dow, spy, or qqq.

FCX also gapping up nicely this morning as anticipated from yesterday’s close.