INTERMARKET ANALYSIS: Today's early signs pointing to higher gold were wrong. An early gold rally fails. An early euro FX (euro/$U.S. pair) fails. An early NASDAQ 100 surge fails after the NYSE closing bell. Today was wild.
6-MONTH CHART: Gold bulls: Brush up on your trading rules tonight.
6-month chart for August 2009 GLOBEX gold futures (source eSignal)
Richard L. Muehlberg is an analyst and day trader. He uses the lines approach: a mix of intermarket, time-of-day and linear regression analysis. Each trading day, Richard e-mails his subscribers a detailed diary entry covering gold, crude oil, euro FX (euro/$U.S. pair), eurodollars, bonds, the NASDAQ and S&P. Study tonight. Profit tomorrow. Visit his site at www.DayTradingWithLinesInTheSky.com.
