This past Monday morning I quickly stopped out of the long Treasuries trade I put on last Friday. I was playing for the false breakdown the previous Wednesday to lead to an imminent rally. Once that did not materialize, I decided to take about a 3% loss and move on.
That said, you can see on the updated TLT daily chart, below, that the breakdown for another leg lower in Treasuries has not materialized with the same type of energy as prior moves lower in this downtrend have.
We know that August is a seasonally strong month for Treasuries (as per The PPT seasonality feature, for evidence). So I am still looking for a re-entry into this trade for a reflex rally, targeting roughly $112. To my eye, getting back above that 20-day moving average early next week may very well be the trigger. No trigger, no trade, just yet, though.
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Chess, I posted this on your prior post, you may not have seen it, thanks.
Chess, may I borrow your technical analysis geniusness please? ABX, island reversal forming or small bull flag with continued upside next week? What say you? Thanks much.
Trend still down so tend to favor bear read on it. However, would not want to stay short above $18.
Awesome, thanks. GLD closing with mucho strength. Could lead to more upside, which would bode well for ABX next week.
We were wrong on WNR from yesterday, although check out the candle it is putting in today…