"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat


Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput

Trader Dan's Work is NOW AVAILABLE AT WWW.TRADERDAN.NET



Tuesday, May 17, 2011

XAU attempting to bottom

The XAU and the HUI are both showing some good resilience at these levels. Three times over the last 4 trading sessions the XAU has bounced from off the level near 193. It is can take out 200, it should spark some short covering which will be indicative of the shares moving a bit higher from current levels as they are grossly oversold.


Posted by at

8 comments:

  1. wuweiMay 17, 2011 at 9:36 PM

    I expect authoring this blog can at times seem a thankless task so I would like to say "Thanks Dan". You provide an excellent service to us all and it is definitely appreciated.

    ReplyDelete
  2. youksMay 17, 2011 at 10:22 PM

    x2 wuwei. As a new trader, I must thank you even more, Dan, for your valued contributions and analysis, especially during these crazy times.

    ReplyDelete
  3. Trader DanMay 17, 2011 at 10:54 PM

    thanks for the kind words guys.... definitely some very dangerous markets these days

    ReplyDelete
  4. AndyramaMay 18, 2011 at 3:22 AM

    I've been buying quality juniors and explorers at their 200DMA during this correction. Some have just kept on declining. Thanks for the encouragement that we may be turning the corner and catching a bounce.

    Au and Ag looking good early today.

    ReplyDelete
  5. crackorMay 18, 2011 at 4:27 AM

    I too am a new trader and very thankful for your work here. Invaluable to us all.
    As of close yesterday I am seeing the development of a reverse head shoulders pattern for the $USD index.
    Makes me a little queasie.....can you comment on this please.

    ReplyDelete
  6. MarkMay 18, 2011 at 12:32 PM

    USD cannot seem to hold above the 50dma....even with the FOMC minutes

    ReplyDelete
  7. AndyramaMay 18, 2011 at 1:39 PM

    My miners are in much better shape today. Bottom in? Sure hope so!

    ReplyDelete
  8. UnknownMay 18, 2011 at 3:57 PM

    the miners are more manipulated than the metal, at least you have to deliver metal, do they ever have to deliver those shorted shares, i doubt it. if they did i don't think the shares would be a bottomless pit,

    ReplyDelete

Note: Only a member of this blog may post a comment.

Subscribe to: Post Comments (Atom)