follow up: UNG

We talked about this break out and we are getting it today. What do we need after a b/o ? We will look for a follow through, that's the key now, follow through.
May the trend be with you ~ and you with it.

S&P 500 cash

One day at a time, today we got an inside day and can go ether way, and trading back at the top of the range, the line of least resistance continues to be upward.

What to do when in a range?  As the trend rider, there's not much to do when a market is stuck in a range. Manage your open positions and just sit on your hands. If it rallies out of that range-and sticks, then you look to buy. If it sells off out of that range and continues lower, then you look to short. It's that simple. I used the word simple and not easy. If it were easy, everybody would be doing it.

Trading & Ego, The Ultimate Chess Game

http://www.youtube.com/watch?v=chzqWI346DI&feature=youtu.be

How much further could gold fall?

                                          The truth is that no-one knows.

The 1970s can offer insights. The gold price from 1974-1976 corrected 47% before it rose 8x to peak at US$887/oz in 1980. Extraordinarily, the price increased 4x in the 13 months before the peak.