Price action came back late in that session to close the opening gap … but there was no new high.
The sector’s a juggernaut. When it reverses for good, downside action is likely to be as persistent as the upside.
In other but related markets, the dollar continues its upside reversal while gold and silver continue the downside.
The island gap-trap in silver, has now entered the disillusionment stage.
Retail ‘traders’ disillusioned about getting some tip in a widely followed ‘chat room’ that’s somehow going to make them rich by making only one decision (go long) and having little, or no experience.
Prechter said it well years ago: ‘Be sure to lose your fortune(s) early in life, so you have time to recover.
Even Van Metre’s getting heat and losing subscribers; the bond market’s not providing the necessary ‘good feelings’ for the inexperienced crowd to maintain a position longer than a few blips on the screen.
No matter the market, whether it’s bonds, gold, dollar, or real estate, the big money’s in the big move.
The most frequent condition of the market professional is one of ‘discomfort’.
If you need it, here’s a good source for help on mastering the emotions necessary to be consistently successful in the markets.