So Was Egypt a Red Herring?

 |  Includes: DIA, QQQ, SPY
by: Jeff Pierce

I may have underestimated the strength of POMO, but offered the same scenario I would have got short given what my charts are saying 10 times out of 10. I’ll continue to hold until my signal reverses, which won’t be until Thursday, after the close, at the earliest.

On the long side, energy and uranium look very appealing and I’ll be looking to get long some of these stocks over the coming days to hedge my shorts. The problem is when the market gaps up like it did yesterday, it makes it difficult to initiate new positions as I’m not a fan of chasing stocks.

Why is gold not going higher with all the turmoil in Egypt?