April Sentiment Summary
Here are some of the charts that I have been following month over month.
Chart 4: Margin debt is continuing… just like the S&P
It is truly scary the levels that margin debt is at. It is impossible to predict just how much margin debt the system can withstand, but we do know that this will only make the downturn more severe and painful for those who stuck around too long.
Chart 9: Brent Crude Oil is acting very weak despite the commodity rally
Chart 11: Canadian Dollar is one of the more hated currencies right now!
Since I am a Canadian I had to re-post this chart. I have been surprised the Canadian dollar has struggled recently but I guess we all can’t be as good at the good old green back…
And finally. Chart 12: Hedge funds are once again cutting their net long bets on PMs
We still may have a little more downside in the metals as the author points out “Current Gold hedge fund positioning stands just over 100,000 net longs; while current Silver hedge fund positioning stands at just over 14,500 net longs. Respectively, that is 31.4% net longs as a percentage of open interest in Gold and 18.9% in Silver… not yet close to single digits associated with intermediate bottoms and buying opportunities.”
Click here for the full report. And please let us know what charts you consider the most significant in the report.
Anybody else seeing that? Count out the waves. We are in a clear fifth wave moving up but not yet at a termination point. That could still take months before a hard correction kicks in….or it could start next Monday. I wonder what the Elliot guys would have to say about the margin debt chart?
I respect you work CORY ! OK CHARTS ARE INSANITY ! WHEN YOU TALK TRILLIONS ! STOP TALKING NICE CORRUPTION AND WORLD DOMINATION OF EIVEL BANKS ! LUCK DISS ONLY 1 TRILLION ! https://www.youtube.com/watch?v=1IEkncWZffY
AL stop OK ! AMERICA AND ALL WESTERN WORLD IS SOO FAER GONE ! DAY ARE BILL DING A PRISON WAKE UP !
BIRD , AL , CORY ! YOU EVER LOOK UP ! https://www.youtube.com/watch?v=TnQn_n3YZ9c
THE NR’s BOYS ! https://www.youtube.com/watch?v=1YzGpsLWNBw
I don’t know whether anyone is interested in this but The Province of Quebec is now voting on who will be the next premier. If the Parti Quebecois gets a majority government, the separatist’s will call a referendum to decide whether Quebec stays or secedes from Canada. The results will be known shortly. Bob M talked about this recently on the Korelin Report. DT
By the way, the separatist’s in Quebec just got crushed it was a landslide for The Federalist’s. DT
Whew. So its all over then? I mean that was pretty fast Dick. At 7:54 you wrote that separatists would hold a referendum on secession if they won the election and then exactly five minutes later you reported the it was a Federalist landslide. Stuff sure happens fast in Canada!
Bird, You better have your eyes tested, the difference in my reporting is not five minutes but two hours and five minutes, but that is typical of your reading of other peoples posts. DT
Ha Ha! You are correct.But that is still pretty fast action for a political event don’t you think? At 7:59 I worried Canada was about to break apart based on your post. Not even a day passed before it was all happy land again. See, that’s why the gold community is so mixed up. They pounce on every bit of news like its the end of the world and spells ruin for the financial aspects of our lives and a rocket ride for metals. Then one day later they are nursing their wounds after making the wrong bets. Charles Darwin wrote a great book on the topic.
Bird, you are such an egotist that you are determined to gloss over your post discrepancies, maybe you should try political life, LWL! DT
Not at all Dick. I agreed with you that I did not notice those extra two hours. So no glossing over facts here at all. You really need to do some work on your reporting skills though.
5:54 pm…Canada is about to face extinction. Separatists to initiate a vote of secession.
7:59 pm (same day) … All is well. The Federalists have taken a landslide!
12:01 am (that night) …Whew! That was close Dick. Canada has been saved. Thanks Man!
1:34 am (even later that night) … Bird, you are an idiot.
1:58 am …. No pal, I am a news junkie. You are a bad reporter though. Gold bugs are soooo mixed up. It makes me laugh my sorry arse off how they jump from panic to panic in minutes and hours.
So what do you think Dick? Will Canada survive or maybe this is a reason to buy more gold? Those French separatistas sound pretty dangerous to me. Maybe they will storm the McDonalds near the hill and eat fries and burgers before building the energy for staking out the bridge to Hull and blocking traffic or something dramatic like that. Hmmmm?
No problem in Canada that a shared 24 can’t solve. ha!
-but I’m glad the bitch got kicked to the curb. hic-up
Irwin, That’s one down and one to go, Ontario’s premier has been bankrupting our province make that 48 tall cans of Moosehead beer, by the way our Ontario Provincial Police have dropped their investigation of Rob Ford. Not enough evidence they say! DT
The only thing worse than a drunken miner, is a drunken miner with dynamite and a short fuse………………………uncle wally 1988………………….Mor on the subject later…………………………
YOU NEVER SEE Vladimir Putin Diss way ! https://www.youtube.com/watch?v=IV4IjHz2yIo
a mast see Putin Obama https://www.youtube.com/watch?v=5P1q3IDjBaI
http://www.infiniteunknown.net/2014/04/04/secret-document-eu-plans-to-forcibly-open-all-safe-deposit-boxes/ The EU plans to forcibly open all safe deposit boxes. DT
Here is my reference to your inquiry Al. DT
The govt. has been raiding Safety Deposit boxes, for several years now……
I can remember reading a similar article ,…three or fours years ago……….
This is one of the reasons…….guys at KWN, like TURK, RUSSELL, Sinclair, all say
store you PMs ,OUT SIDE THE SYSTEM…………..
some people will never learn………we will be reading the same article ,,,years from now………….If it happened in 1933, this is the same mentality which exist today….only, worse……………IMHO……………………..OOTB
Like under your bed like we did in the old days. SDB’s are for rubes.
One thing about human nature……it never changes…………
I went to the beach yesterday, ………I have been going to the same beach since 1976,this is a very nice beach in South Florida ……..rated no. 4 in the world.
What I noticed…., was that the beach was almost empty.
My wife had an interesting conversation with a woman, who was staying at one of the best hotels on the island,… the conversation was that the woman had been coming here for several years on “time share”and the hotel she was staying at was the most visited for redeeming “rewards bonus” points.
The thought came to my mind,,,,They can not afford to be here, except if someone gives them a “FREE LUNCH”, AND “TIME SHARE”.
Society ………..is now, “FREE LUNCHER”, AND “SHARE THE SPACE”,,,Because it is just to dam expensive, and they want someone else to pay for it……………………JUST my MHO………..or Not………
The other thought, was ………man the beach is empty…….where are all the people, and it is spring time….and the North is cold and wet, and where are the vacationer snow birds, which are usually here this time of year……….I think, maybe we have finally come to the end of the road. The numbers of broke people are everywhere, and is showing up or not showing up at the beach………..
.Just an observation from times gone by…………………………….
NEVER NEVER DAY ALL LUKING TV ! complacency DICK TRACY complacency !
THE NEW BREAN THINKK DISS NEVER REAL GOLD NEVER ! https://www.youtube.com/watch?v=pWkzAvE5aQQ
diss is investment advice BUY REAL GOLD AND PUT ITE ??????????????????????????????????????? OK !
i go love god now ! https://www.youtube.com/watch?v=l6a9Jw95UKI !!!!!!!!!
Gold chart: “do not sweat the small stuff”
http://www.incakolanews.blogspot.ca/2014/04/chart-of-day-is.html
Well I appreciate your cynicism (and sense of humor) Irwin. Indeed lets not sweat the small stuff. I expect gold to keep rising this week. Who knows, we won’t be surprised if it hit 1350 even……just watch out for the recoil afterwards! By the way, Armstrong left a post last night on a bearish theme for gold unfolding. Of course I agree. And on a side note…….watch coffee. It has just rocketed up and is heading into a possible double top. WTF! We shall see how that plays out. I worry it may be telling us something bigger to be honest.
Inter Pipeline Ltd (3 year weekly)
It’s been a beautiful run and I’d hate to see the trend turn down. I guess all good things must end at some point.
http://stockcharts.com/h-sc/ui?s=IPL.TO&p=W&b=5&g=0&id=p48004303056
To balance out Inter Pipeline, here’s my worst holding; East Asia Minerals; I really do wonder why I even bother with this sector, aside from physical.
http://stockcharts.com/h-sc/ui?s=EAS.V&p=W&b=5&g=0&id=p90473836620
One day you will be rewarded Irwin. It might feel like waiting to be dead to get just rewards for leading a good life though. Which is to say it could be a long time before the payoff comes.
First chart is the best one, Cory. Margin debt is already parabolic and peaking! I never saw that one before. It tells me the correction is much closer than we might have thought.