Wednesday Commentary from Rick
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Holy Sh*T….I am officially a contrary indicator. The Dow plunged 300 points not long after my post. From here on out, do the exact opposite of everything I say. That’s the new winning trade.
From Loonie to Swoonie.
Couple weeks ago, someone postulated that copper could go to U$1.40
If that comes to pass, where the heck is Loonie going to? $0.65 sounds possible.
“Yikes” is plural for the 4-letter word “YIKE”.
copper chart: (looks like 400 day moving average will be resistance to break sometime in the future).
http://stockcharts.com/h-sc/ui?s=$COPPER&p=D&yr=3&mn=0&dy=0&id=p45663417997
Stock up on flatscreens and laptops while you still have a chance.
Or options in an etf that’s leveraged bull USD bear CDN
Could do that.
or
my preference is to buy platinum, now that it’s cheaper than gold.
http://stockcharts.com/h-sc/ui?s=$PLAT:$GOLD&p=W&yr=3&mn=0&dy=0&id=p06170705219
I agree Irwin. There should be a bigger percentage multiplier in the PGM group over Gold if the whole sector bounces at once. The Gold/Platinum ratio could return to normal by Gold falling more than platinum, but that would still put Platinum as a better short term investment over Gold. Personally I went back into Palladium around 755 and figured it would bounce around the 750 and bounce back to 800+ with resistance around 818-819.
It actually fell to 747 during the day on Jan 19th and then closed at the 754-755 level. Palladium did bounce from that level, as predicted (there had been 2 previous lows there in the past and strong support at that leve. Today Palladium hit 795 (which is pretty dang close to 800). The question will be, does it have enough juice to get above 818-819?
I went back and looked at the charts (was doing everything from memory – not smart) and the first level of resistance is 814 and then 817-818. If Palladium can push above this level when Gold & Platinum finish their upleg over the next 2-4 weeks, then it could easily pop up another 20-30 dollars quickly.
Good comments, Shad.
If you don’t mind me asking; which vehicle are you using for palladium?
I’ve been using SPPP (Sprott Phys Plat & Pall) for the convenience, although I do occasionally buy platinum bars when the spirit moves me.
chart SPPP priced in gold:
http://stockcharts.com/h-sc/ui?s=SPPP:$GOLD&p=W&yr=2&mn=0&dy=0&id=p27330464025
I made over $600 US today based on Rick’s bullish apple call….and much more on other trading touts. It’s well worth subscribing.
Thanks Rick. I am expecting the Dow to rise tomorrow as it traces out a pennant formation. To me the chart looks to be coiling for a more dramatic move sometime next week however I don’t yet know if that will be up or down. Instincts tell me to go long despite common sense saying get the hell out of the way!