We get the CPI report today (12/12). It's the last CPI report before we get to Christmas. It's right in front of Wednesday's FOMC meeting, that's the Fed meeting where they set monetary policy, and I was wrong when I said, the Bank of England was on Friday, we have 4 central banks coming out on Thursday.
When I look at the gold market, you know, the dream would be that the market keeps coming down on the weekly chart and gets into that 18-week average, holds it, and starts up again, but I don't think that's going to be the play. What the market has done is that it caught all the traders. The greedy guys got annihilated, they came in, they were buying the market and they were buying it over the Bollinger Band and got their butts handed to them quicker than you can imagine. But let's take a look.
When you put the swing line on, you have a pattern of a higher high and lower low. Now this can be moved, you can put this arrow here and I wanted to just leave it and show you and say you've got lower highs lower, and lower lows now – that is the right thing to do. Now, keep the arrow there. Have a red arrow there pointing down. Now you're coming into nitty-gritty time. You're coming in first up to the 200-day average, which is a big one. The next one's going to be the 100 and the Bollinger band's meeting you here. So this whole thing is the zone where I am.
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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.
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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.