"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

Thursday, January 13, 2011

Good for goose, good for gander?

If we are going to talk about the HUI's massive breakout above all time highs resistance, maybe we should consider the QQQQ's break above long term resistance (although very significantly this former bubble is way below the ATH).  Implications?  If HUI continues upward, maybe we will get a good dose of tech mania as well.  Conversely, if the Cube fails, why would we not expect the HUI to at least temporarily fail its breakout as well?  Not saying this will happen, but in the interest of technical fair play and objectivity...

PS:  That green line is obviously the point where my former short on this index failed.  http://www.biiwii.blogspot.com