Thursday the 5th, was a disaster.

Bailing to protection of the G is the right thing to do here. 4th day in a row of pullbacks and $1344.15 did not hold and now it is resistance that we must fight back through. $1332.28 is now the next line of support but based on what we saw in today’s action, I would not be surprised to see this not hold tomorrow. On the 30 minute chart, price close below the 5,10, and 20 day moving average. I do not like what I’m seeing and if we are once again negative tomorrow at 11:30am, I will likely retreat or pair the majority of my funds to the G and leave a little bit in the C and S.

For those that have lot’s of guts, we are still in the Bright blue channel and the primary purple uptrend is still intact. I project that we will have to stay above $1319.00 to stay in the channel tomorrow. We will also need to stay above $1305.00 to stay above the primary trend. So since we closed at $1335.10, we have a long way to go to reach those numbers. That is about another 2.2% down to reach those numbers. Based on what I saw in the over seas markets and pre-markets the last few days, anything can happen tomorrow. I really thought based on what I saw overnight that Wednesday and Thursday would be good days and that did not happen because of news. Did I mention I hate news??????