Summary of last week's action: Following the gap-down trend-day down on Monday, Tuesday was an offsetting trend-day up with strong volume in the financials. After that bang-bang volatility, the market went into chop mode for the rest of the week. The 30min S&P chart below highlights the choppiness Wed-Fri. A close in the vicinity of the open usually has chop in between.
I had several scratches and stop outs that alerted me to the chop mode. I had decent long trade in GOLD on Friday. It hit my gap + volume scanner and was very strong relative strength-wise compared to most other gold stocks. Gold (in general) was moving up due to weakness in the US dollar. I will elaborate more in a Technical Picture post.
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