We had the CPI number come up. We also had the House vote. The CPI - I don't think one person thought that today's CPI number was going to be the equivalent of a Fed rate cut - yet.
Now we take a look at gold, it is certainly up 1.5% for the week so far. When we take a look at the market in terms of chart action, we have a bounce. Now, the market still has a pattern of lower highs and lower lows in effect - and what did it try to hold? If you really look at it, the 100-day average in the Bollinger Band, you did manage for 48 hours to stay under it and then you came right back over it.
I would assume we would see pretty good resistance show up in this market now at $1980.8 which is the 18-day average of closes. You'd have to go all the way up through this number in order to negate the downtrend.
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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.