Feels like a bottom?

Lots of nasty things can be found at the bottom….
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This action today spells puke-ville for most, and you are probably hearing it. Just had a conversation with my mentor and he’s hearing it louder than loud from all but his oldest co-investors (he doesn’t even call them “clients” anymore). 

I knew we were approaching the end of a cycle here, and I held on hoping to catch that turn and add some of my cash to the projectile return.  I still hope to do that, but believe me I’m a bit more cautious at this point than I even was last night.  That’s just human nature, and it affects me just as much as it affects every one of you.  

There are some positives to look at for those of you who are grinning and bearing it right now in true Cement Head fashion.  For one, we are fast approaching the 52-week high for the dollar at just over $81 on the index.   It’s highly unlikely we will blast through that range without at least something of a rest.

What’s more, the $HUI is holding (as of this writing) at the $500.00 support level (sorry I can’t post a chart at the moment, but look at the weekly if you have the ability to do so).   Oftentimes the $HUI will signal a turn before the POG will.  

 Last, we still have that 34-week EMA line to think about.  Keep in mind this is options expiration week, and everyone and their mother had long calls for Santa which are now all underwater.  We may even get a swing back long before Friday, but I’m thinking that we will see some of Fly’s rubber band action to get us back above that ($1646.oo) before week’s end. 

Granted that’s almost $100.00 north of here, but you might want to keep in mind how quickly we broke this low. 

In summary, I’m continuing to do nothing with my 60% invested position.  If I were a shorter term trader I may have gone to cash a little quicker.  In this case, however, I’ve got enough “leeway” to withstand some shorter term draw-down while waiting to grab some additional return on a re-ignition.   

Best to you all.

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