I haven't checked china's gdp number but I can already tell you it must have met or beat expectations. So hence the rally this morning, but as I have said in my last post This week is a no volume, chop high frequency trading week!! I stressed that Sunday and myself am very light in holding any positions.
Gold has broken out, but still I believe is due for a smacker of a retracement... been too easy and too many folks long out there. Longer term I am bullish but think Gold and Silver could see a nasty smackdown in the near future. For Gold I could easily see 1180 and Silver 17$
Now for the 60 min ES there is a pretty H&S I pointed out yesterday forming that could take us to where we are this a.m, @ 1060 if it breaks down then all this bullishness won't last too long The stochastics are overbought and pointing down.
But as I mentioned Chop chop and more Chop. Good day to all
Hi Good Sunday night everyone
Well I first want to say that this week will be one of the most light volume weeks of the year! The last week of official summer holiday comes to an end on Friday and US Markets will be closed Monday September 7th for Labor Day.
That being said I almost want to take the week off myself, as there will be allot of chop and high frequency traders moving the tape so to try and trade it will be almost a dangerous task. I might even close up most of my book the next couple of days, and wait for the holiday to be over. I have done this long enough to know that to try and catch a few points one way or the other can be quite the gamble.
That being said I am leaning towards a bullish week, but the short term indicators show that we are overbought. The dailies are just turning up, so as I mentioned allot of chop up and chop down.
Longer term ie: Sept and October I expect the Wave 3 down to continue and see lower lows than we have had so far. (that being 1010 area)
Enjoy the videos and have a great weekend and week ahead.
The stochastics are overbought and pointing down. 
