When we take a look at the gold, you can see the gold market is up so far for the week, 2.97%. Right now, you're up $20 tonight. The market jumping one more time up here as you can see, you've got a pattern that's higher and lows, still very much in the bowl camp. You're over the key moving averages and you're probably now attacking the Bollinger Band. No, you're well over them (you're day 1, 2, 3). Now typically, the most you go is 5.
Can you go more? We'll look at a Cocoa chart and you can see that when you get some unusual event, but this isn't what I'd call at this point yet in an unusual event. It is a breakout of a market that was going sideways and gave you the pop for a number of reasons. Number one to me: You're looking at other central banks that are getting very much ready to start cutting rates. Is it June? Is it going to be the end of the summer? We're all waiting to see but it appears to me that the race sticks to cut interest rates is in investor's minds...
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.