We're in quieter markets. This is very typical towards the end of August. A lot of traders go on vacation. The kids are going back to school.
Over the weekend, we didn't see anything positive coming out of China. We saw their problems continue, not only in the property sector, but now the private sector - what they call the shadow banking. One of the firms with a division that has $136B are missing payments on some of the debt that they have. Things are going from bad to worse over there.
In the gold market, you're staying underneath the 18-week moving average of closes (MAC). That's an important thing. It keeps the bias of the market down. Second, look how the market keeps leaking down. You'll notice as it's falling, the range keeps getting tighter and tighter. You've got lower highs and lower lows. Is the 18-day MAC going to get under the 200-day MAC? That will be another bearish cross-over in the market.
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.