Monday, October 1, 2012

Crude/GLD looks like they will pullback

USO/Crude futures also look similar to opening indications, maybe a bit more extreme at least on the futures side. GLD opening indications on the 1 and 2 min charts are not confirming.

 USO 1 min confirmation on the open.

 USO 2 min failed to do the same.

 Crude 1 min futures negative

 GLD 1 min failed to confirm

As did the 2 min which is now leading negative

This is why early trade is often unreliable as there are a lot of games being played with overnight/pre-market orders.

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