Wednesday 1/26/11 wrap up

ES made another new high today.  I've had to re-do the count presented in the weekend post.  As mentioned in that post, a lot of press was given to the high of a week ago being THE high for a while, any time that happens you can almost bet that the news is wrong.  And here we are.

This count still shows the ES to be in the 5th wave of the move up off the late Nov low (and from the Jul low as well).  However, with the resiliency that's been displayed in equities this interpretation has to be rated as possible - not probable.  Meanwhile, if you're long, enjoy the ride.


Gold and Silver generated a buy signal on the hourly Trend/Osc last night (1 AM for Gold, 2 AM on Silver) so I went long both metals between 8 and 8:30 this AM.  It was a nail biter through the middle of the day, but after lunchtime both trades really started cooking.  Hard on my nerves but in the end feels good in the pocketbook.  FYI - I do post my trades to this site (just below the header above) as soon as I execute them.

Gold hourly Trend/Osc 

Silver hourly Trend/Osc