Ok, I got stopped out this morning out XIV. It looks like major overhead resistance at the upper channel trendline on QQQ. I was going for maybe one last wave higher – always a dangerous trade. The last 10% is the most expensive. So, GOVT closed above the 7 million print @ 24.93 last Friday and that was a good indication of caution on the indexes. As long as GOVT stays above this print, I am not touching the indexes anymore.

5:47 /GC looking bullish this morning too. If it closes above 1201 today, and UUP below the prints, bullish for gold. I love PVG’s chart too 007gold! Pretium is on fire.

5:42 am PST. /NQ looks like it is still consolidating. The dollar has caught a bid this morning and /si has pulled back to neutral. If UUP rallies and closes above 26.04, that is bullish for the dollar.

This is a beautiful chart of PAAS. PAAS is a long-term buy and hold. Sometimes I think I ought to just buy a few mining stocks and go on vacation. Come back next year and then look at my account. lol. Life might be a lot easier. lololol.

The EUO is in between the trendlines right now. The 4 ema is still below the 8 on the day chart and the dollar likewise. The only thing I am going on for a Euro short is today’s prints. The 1 million + prints from last Friday were at 26.04 and we are still below those. OK. I think I might exit my EUO for now too because we are in between. I would say if we closed above the 26.04 prints, bullish on EUO. It feels good to resolve that.

The German DAX index looks as though it will eventually make a new high some time this year to complete five major waves up from 2009. If this wave count has any validity it means that the Euro would move in the opposite direction.

Many of the world indexes look bullish, specifically Russia, Brazil, and EEM. I have posted what I think are the long-term wave counts.

SSRI still in a wedge, but the lows are holding very nicely. I would say bullish.

3:30 pm PST. I am exiting my ABX short. So many mixed signals. Silver performed really well today. AEM’s wave count could be a completed simple a-b-c corrective 2. SLV closed above the 4/8 on higher volume which is usually really great price action and bullish. Silver is just performing really well. It backtest the trend line and bounced. It also tagged the 21 sma and bounced higher. It has a perfect a-b-c corrective wave. So, which is correct? The dollar is backtesting and silver is backtesting, lol. The market makes it so easy…lol.

A few days ago I was on a mentoring call with T. Harv Eker, author of Secrets of a Millionaire Mind, and he said something really interesting about achieving goals. He said people need to “slow down”. I thought his advice very wise. I like the idea of slowing down my trading process. It helps me to notice the subtleties.

For the close, the SPY for the most part consolidated the entire day barely moving at all. The Dow traded in a really tight 30 point range. I think the close looked bullish to me. I remain long XIV.

The mining stocks rallied into the close and we did see some prints that make me bearish for Monday. First we closed above the UUP prints, second we saw 480,000 shares of JNUG traded within the last 30 minutes at 8.37 and we closed below. We also had 396,067 shares of IAU traded at 11.47 and we closed below. GDX also closed below the 4 EMA again on lower volume. ABX also has a bearish pattern to it. I remain short ABX.

12:12 pm PST.  I do not really think today’s rally in the miners is sustainable. It looks like a B wave and we still have wave C down to come on Monday. If we close above the UUP prints I will remain short ABX, target 17.29. There is very little volume on the mining stocks in the dark pool and I think the market makers are taking a break and waiting for the retracement as the indexes continue higher.