Well my curiosity has been somewhat satisfied as to whether GLD would disconnect with it's correlation as a safe haven trade, but there's been something bothering me about the market all this morning and maybe it's simply a continuation of my paranoia from last night, but I have to watch over the Wolf Pack and if something doesn't look the way I expect it to look, I want to know why.
Any way, here's GLD, just adding to the mystery...
We have a 2.67% pop-not huge, but enough to how some flight to safety. Volume on the open was excellent, although kind of knee-jerk-ish.
Maybe it's too early to expect confirmation from GLD, maybe not. There was certainly a small positive divergence late yesterday to be expected, but the lack of confirmation seems like a lack of follow through.
The 5 min chart also showed some accumulation late yesterday, THIS CHART SHOULD BE IN CONFIRMATION BY NOW.
Only the 2 min chart which is available on StockFinder shows confirmation as I would expect it.
Even the 1 min chart hasn't confirmed, this should have happened nearly off the open. With the large volume this a.m., it tells me this is retail going in to GLD and maybe not Institutional money. There' a slight positive divergence now.
So maybe the question of real safe haven status is not answered as I really don't care too much about what retail does, it's the big boys that I want to follow and t seems they are missing from the trade.
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