Criteria were not met again today to take positions in GLL and ZSL. Let's see what tomorrow brings. This trade is tied directly to a stronger dollar, which would be negative for gold, oil, and silver. Long term, I am bullish on the metals and oil. Near term, I do see weakness in the metals and oil, not only because I believe the dollar will strengthen, but the metals and oil are very overbought at their respective current price levels. Could I be wrong? You bet. It would not be the first time. But I would definitely be caution near-term investing in metals and oil.
Once again, if you have a Twitter account, you can follow my inter-day updates there, especially as we approach the close.
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