Wednesday, August 19, 2009
Back into the consolidation zone
The market had every opportunity to breakdown but instead it has rallied right back into the consolidation zone of the last several weeks. The dollar on the other hand has had every opportunity to rally but instead its back below both the 10 and 20 day moving averages.
I'm not sure I would want to press the short side at this point. Actually I'm not pressing the long or the short side of the market. I have no desire to get tangled up in this mess. I'm just going to continue to sit with my precious metals and mining positions. They are the only things that I can honestly say are too cheap right now.