When we look at the gold market, you can see how it's come back. And on a closing basis, if this were the end of the week — which it's not — [gold] would be up 2.34%. That's a pretty good game. You can see how the market came down, and I didn't know if you were going to which one of these numbers. You can see how it spiked, and now this rally that finally got over that, to me, signals, "Bye-bye, Miss American Pie." This correction leg is over.
Momentum is now turning itself up; we do not have the bias up. The bias is down, as the market's still under the 18-day average. There is no trend; you have a lower low and a higher high. You see, there's no sequence here at all.
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.