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November 12, 2013

Risk Assets Break Lower

Back on 23-Nov of last year, gold's daily STS configuration flipped bullish, indicating that the early-November low marked an intermediate cycle low. Then on 4-Dec, gold's daily STS flipped back to bearish, suggesting that a new intermediate cycle rally was dying an early death. Indeed, gold spent the next six months in a tortuous decline, and the yellow metal's daily STS did not produce another bullish turn until 23-July. Unfortunately, the statistical trend system (STS) was not part of our tool box in late 2012. Otherwise, we may not have merely avoided ...


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