GLD Update

Although I still think there's a decent chance for GLD to drop more, I'm happy with the initial position in GLD started today. GLD could have gone either way on the F_E_D and with the typical knee-jerk reaction, it still very much can.

While the longer term charts aren't quite there and are telegraphing probabilities are for a deeper correction/pullback before an upside move resumes, we are seeing positive signals in to this afternoon's trade which is what I hoped to see and this leaves me plenty of room to add to GLD or even switch to a leveraged product.

 GLD 2 min is showing a positive divergence between the 11:30 reaction high and where 3C was at that point and the 3 p.m. reaction high and where 3C is now.

 The 5 min chart shows a more clear cut positive divergence as it is about the same level as the negative divergence at the top for GLD, although prices are lower now.

 Most importantly is the 10 min chart that is leading positive at the flag-like correction, that's all today and that's what I want and need to see.

Finally the even more important 15 min chart is leading positive and is on its way to hitting a new leading high for this timeframe.

Thus I am very happy with starting a position in GLD and the tool I chose for the initial position, at least until more data comes in.