When I look at the gold market, I'm on record with you - I'm bullish. I think the market will be higher than this at the end of the year. I think that either candidate that wins is bullish to gold market. It doesn't matter which one, they're not going to stop spending. But there is a time and place, and I don't believe going into reports of major events that can go any which way and you can't get a feel for it. Forget this election, I believe that, you know, on big Fed days things of that nature. So I watch myself there, you're trading Futures, you're not trading ETF spiders that have a different leverage to them; keep that in the back of your mind.
You've got big leverage, and as I warned a lot of the brokerage firms are taking margins up by 50 percent. Once they're comfortable, could be a day or two or three days, who knows? They'll drop those margins right back. What you've done is you've pulled back on the daily bar chart. The market's got a pattern of lower highs, lower lows. So the trend, the short-term trend is down, but you always put filters on it.
About the author
LINN & Associates
Over the past 35-years Ira Epstein has developed a reputation for providing clients with easy to use technology and teaching good old fashioned trading know-how. A number of our brokers have over 30-years trading experience. No matter how technology changes the methods of entering orders, there's no replacement for having "been there and done that before". It's the blend of services that brings things together.
Be it education, market information or trading platforms, we provide solutions.
Ira began in the futures markets in 1969. Over the years he worked his way up, starting from the ground up as a "floor runner" culminating with his becoming a Floor Trader. In the mid 1970s Ira decided to make a career shift within the industry to develop both retail and commercial based clientele. His customer base grew to the point whereby in 1984 he founded "Ira Epstein & Company", a trading firm specializing in retail, commercial and self-directed discount futures trading. Along the way Ira became a leader in trading technology out of necessity, due to increased small lot trade volume. He was among the first to embrace the Internet, which as you know has dramatically changed both the way information is delivered and how trading takes place today.
One of the ways Ira, along with his brokers showcase their talents is through e-mails of market information and Ira's "Futures Videos", which can be viewed on our website, through Market Center, Linn-IraChart Software and on YouTube.