"As a technician, I feel that there are few analysts that offer value for me, but you do. Your work on Gold ratios has helped my analysis greatly." --Jordan Roy-Byrne, CMT (The Daily Gold) 4.9.10

Wednesday, December 16, 2009

FXI - Still short China

This has actually been a pretty well-behaved short position (against precious metal longs) as I patiently await coming events. I have a feeling in my bones that these pigs are going to ram all of this stuff higher into bull capitulation. But with a chart like this, what choice is there but to be bearish? A drop below the noted weekly moving average confirms.

This leadership market argues that the coming weeks or VERY few months will see a polar opposite to last March's bull signals.