Week ending wrap on the gold market from Doc
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YOU MAST LOOK WEEKEND 2 NOW LOOK DISS ! https://www.youtube.com/watch?v=MITXZ0OyZAg
GOD LOVE’S US ! https://www.youtube.com/watch?v=N-Xj2Io3RRg
Drudge was a miss print……………..DOW ” SORE”s…..like pain in the butt………
A number of margin calls must be on there way to insecurely margined traders, this break has carried prices down a good deal further then most people had reckoned. The volatility is so bad that margin calls will be triggered, if that isn’t ominous enough next Friday will be October 24th.
Hi Doc,
Market up, Gold even, Miners…….down…..hard???
Yep!
Exactly! Dow soars and….whoops….miners drop like rocks. It was perfect (and expected).
Hi Doc,
I have a queston for you about silver: Do you think we should have our silver-mercury fillings removed from our teeth for health reasons? And do you take flu shots?
Thanks,
Bonzo
I would leave the fillings in especially if you’re as old as I am. I personally don’t do flu shots since there are a raft of different viruses and you can only cover a specific small number. I have taken a bacterial pneumonia vaccination.
Thanks, Doc. I agree with you about flu shots. Haven’t had one since the ’09 swine flu panic and haven’t even had a cold the last 4 years. As for fillings, I’m 66 and may be as old as you, but I have only 2 fillings left. The others were replaced with crowns, gold of course!
Quadruple bottom doc? Is there a such a thing? If there is not that means we’re going to 1050?
Stewie, I cannot recall a quadruple bottom—-it’s got to be as rare as hens teeth.
Here you go….chart of a rare Quadruple Bottom. They don’t end well.
AUD/JPY Quadruple Bottom
http://1.bp.blogspot.com/-E7eejvOX5uI/T59xOawMFCI/AAAAAAAADHU/Khy4CYPpdh8/s1600/AJ4hr.jpg
Thanks Bird.
I might note that if we take out the current triple bottom, IMO it would not qualify as a quadruple bottom due to the short time frame. It would just be a triple bottom.
You have a good point there Doc. For me though, if I can read it on a weekly chart when it arrives then it will be a quad.
Think this was a relief rally, dead cat bounce, in the general market with traders going flat in front of the weekend.
Maybe the same for gold, which looks like it wants to form a head and shoulders trying to work through the 1240-1260 overhead barrier. Right now treasuries are the ‘go to’ for traders during market corrections and probably will stay that way until rising interest rates eat away at the principle for bonds.
Al,
You can’t have it both ways.
You can’t congratulate Gary for calling a turn and then say Drudge is wrong for saying DOW soars.
First of all Gary’s cycle BS hasn’t called anything. This is only one day.
Every bear market has counter trend rallies.
So to say he called the turn is ridiculous.
When the Dow gets back to the old highs then you can pat him on the back.
If you are saying today was the turn then you have to agree with what Drudge said as well; because in essence they are both saying the same thing.
When the conventional markets do not get back to all time highs or if stocks go lower from today will you publically say Gary was wrong?
James,
This hard of a decline will very likely need a retest before it can get serious upside traction. But we are putting in an intermediate bottom.
And PS the Russell is DOWN TODAY.
That is the only conventional market that matters right now
james,
Any thoughts on gold/miners looked awful into the close?
Im still on the sidelines..
Glenfish why are you still on the sidelines?
Didn’t I call the $1212.80 bottom and the bear market trap overshoot?
Gold is up $50 since then.
Didn’t I say run, don’t walk to the betting window?
Didn’t I say bet with both hands?
What are you waiting for?
There is no such thing as being on the sidelines. CASH is a symbol, just like IBM is.
Get in the game!
Right now you will be hearing a lot of BS. Keep your wits as it you.
They will try to tell you FALLING OIL is good for the consumer.
BS
They will try to tell you Europe is in trouble but somehow WE ARE DIFFERENT
BS
They will keep telling you to buy the dip
BS
Go long gold!
As far as gold stocks. Remember they are STOCKS.
They are their own animal.
Classic correlations can break down.
Right now the stock market is in a slope of hope and gold is climbing a wall of worry.
Go long and stay strong!
Wow! James I totally disagree. If you said long stocks and short gold we would see eye to eye because that is what is happening now.
I think your making the wrong bet this time too James,
but good luck.
….which reminds me, one of my cousin’s horses is running in todays Caulfield Cup. I hope it gets up for them. Will be a big pay day for them if so.
Horse’s name is ‘Lidari’….number 14….barrier 4.
Doc, the miners and gold are now setting up for a breakdown….not a breakout. From where I sit it is obvious as hell and an easy call to make. The Dow, S&P and others will be on the move higher next week. Our correction has now come and gone and we are back in the saddle. Whoopeeee!!!
You could be right —-we’ll know by the end of November. Right now, I can’t take a position either way since the TA of multiple stocks and gold are showing conflicting information.
BIRD AND DOC COCKING ? WHAET ?
I stayed away from gdx today. I bought & sold it 4 times yesterday. Got into the general market today and ended up a little positive. Early yesterday would have been a better time to get in before the feds opened their big mouth. Bought back into Transocean (5.6 PE) on the late day sharp fall as there might be a bounce for oil at least for the short term. Bought some cybr on the sharp dip.
Paul, I believe you’re right in qualifying a short term bounce for oil. I’ve been following Transocean and I believe it technically has room to fall further although it’s showing short term volatility and could bounce higher for a short time. I hope to purchase transocean in the future at lower prices.
I UNDERSTAN AL IS OK THE CNBC AND CNN WEEKENT SHOW COMING EAT ITE USA !!!!!!!!
ALL DEMOCRATIE HIER ! BYE BYE IDIOTS WAR 3 BIRDMAN 8888888888888888888888 RICHARD WW3 88888888888888888 ?
I had it at much higher prices before in the 38 area and took some heavy losses on it so I would like to make up some of those losses. If oil can hold the 80 area it will be okay but the oil drop is so steep it could end up at 70 eventually but it would be nice to have a bounce to the 90’s if the Fed is able to say more positive things for the market to juice it up and the ECB can come with something more than just talk.
don’t worry the democrate will put your price nore low and the bank will pay !
RICHARD YOU A COMMUNIST IN YOU THINKING MAN ?
BIRDMAN WHIT ALL RESPECT NO OK ?
AND ! BIRDMAN YOUNG CHILDREN GANT OK ! https://www.youtube.com/watch?v=cBY-0n4esNY
Are you alright, franky?
well Chris i aaa think no by aaaa need to go aaa i ???? bye ! tace care you all keep staking !
I tink his translator is on the fritz…
Funny Frankie…..but no, I am not a black man nor am I communist. Just a regular white guy who hates anarchists.
franky,
Maybe try loosening the chin strap on the tin foil helmet a little.
In terms of the conventional markets, if it looks like a short squeeze, walks like a short squeeze…. its a short squeeze. And not necessarily a good thing.
Skeeta….the tin foil helmt made me laugh.
mr. AL
I heard something about newsletter issuing with Doc.
How can i subscribe would let me know please.
By the way i am listener from S.korea. thank you. you guys are super great!!!!
Hi Richard. I’m bearish this market 2-3 years out but not sure about near term. What are your thoughts on the advance decline line reaching new highs in September? I know before previous bears it topped out at least 3-9 months before. 1987, 2000, 2007. Do you know any instances where we had a sustainable downward move in the equity markets without the advance decline declining first?
Skeeta, good luck to Lidari
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