Tuesday Commentary from Gary
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Dang, Gary sure sounds a lot like Chris. 🙂
Where were you boys yestderday?
Not Gary? Sounds like Chris
Saw this over the weekend…
John Williams-Odds High Hyperinflation Begins in 2015 (Early Sunday Release)
http://youtu.be/huMYOJBJcEU
[QUOTE] “Central Banks have been buying Gold–They know it’s coming.”
(“it” being the next financial meltdown)
Yawn! Just like 2014! The guy is out to lunch.
Nice Gary. Thanks for an interesting daily show.
Gary, good thoughts!
Here is what I have to say today. I’ve adjusted my call from previous post and now I regret to inform that I have a change in my stance. I’ve gone in today at 1/4 25% of my trading positions but will back away from further purchases as I now see another big decline in gold and hui coming. We more then likely get a bounce tomorrow but im expecting a better buying opportunity later this week.
Im going to play this as a bounce no more no less. Since my mention of breaking 1308 nothing has changed as far as making money. Today I entered and that call has not hurt me. But I will say this, I agree with Gary that it will be a bounce and turn back down. Being that this is my trading account im not willing to gamble and I will listen to what the market is telling me.
Good luck to all..Be careful and place stops.
I agree that this upcoming bounce will likely not take out 1308 due to how hard Gold has fallen. I even question whether it will take out 1259 or 1272 now. My bigger concern will be the further grind down to the test the lows once we get a bounce. I think 1180 and 1137 are back on the menu for the spring/summer major bottom as support, then 1044.70 from (Oct 30th, 2009) then $993.20 from (Feb 20th, 2009). I think Gold missed a big opportunity to change the tide in late Jan/early Feb.
Early this morning I played JDST from premarket until it topped in today’s trading and then sold making a little cheddar. Man am I glad I sold out of my JNUG position on Friday, and had a feeling due to the lack of strength in gold last week when it took mini-bounces, that it would come under more selling pressure this week. It looks like Doc is going to be correct that we bottom this week.
It is unclear whether this move down today is the short-term bottom, but I wanted to give Rick Ackerman, Birdman, and Glenfidish props for hitting the 1206 number. Gold went below it at 1203 and bounced to 1209, but that 1206 area kind of split the difference, and am waiting to see where gold goes from here [up or sub1200]
I guess Gold wants to revert back to the trendline from it’s recent poking its head up above the clouds in January, and it is likely it will bounce off this trendline this week. If Gold gets down near 1180, play the bounce!!
Shad,
Great post! Thanks for the nice words but in reality I have to say Bird got that 1200 call. Credit where credit is due and he nailed it. Now it’s not to say that me, you, matt and others are not full prepared as we have critical juncture/resistance levels mapped out and I tell ya what a blessing. So yes the 1206/1207 kept the tide at bay and I presume we will maybe take a day off and then attack ricks 1187 or we may just attack it tomorrow. I expect to be in before this week is over. I will wait for that first big pop of 40 points or more and more then likely will sell on that high of that pop.
glen
With the S&P having broken through the 2100 is that now, or near enough, the top?
Next stop 1900 as the markets pause for breath before the final bubble phase?
Agreed. I did something I haven’t done in an while and bought the 3 x short Russell 2000 index (TZA) today, as it also had an all time high. Since the S&P broke 2100 today and hit an all time high, it seems like things are getting frothy and will correct back the next 2 days.
Hey Gary, question:
Looking at 6 month chart of SPY, isn’t there a downside gap around 202 from February 2 that needs to be filled eventually?
The only other gaps I see are from the October 2014 lows.
Chips,
I’m sure it will get filled eventually but who knows how long that could take.
I took some large profits in XOP today as I was too heavily invested. I took an even larger gain on it last week . It was looking too good and the S&P may hesitate at 2100 and correct.
Zero Hedge claims vindication for Mylchreest’s study of gold-suppressing yen trade
Submitted by cpowell on Tue, 2015-02-17 22:09. Section: Daily Dispatches
5:10p ET Tuesday, February 17, 2015
Dear Friend of GATA and Gold:
Zero Hedge today claims vindication for market analyst Paul Mylchreest’s study in December, conveyed to you by GATA —
— concluding that the price of gold has been suppressed for two years as part of a massive trade involving the Japanese yen and Japan’s stock index.
Zero Hedge’s commentary is headlined “Is The Bank Of Japan ‘Managing’ US Stocks Today?” and it’s posted here:
http://www.zerohedge.com/news/2015-02-17/bank-japan-managing-us-stocks-t…
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Hope the wifie gets well soon, Corey. Damn those vaccines, eh? Good stuff. Aren’t you glad she had it done without informed consent? Sorry, your’e wrong about the whole thing, but don’t let that stop you…be sure to vaccinate your kids. Autism rates are now 1 in 80. Not bad odds, i hope…https://www.youtube.com/watch?v=3RUeOxvvZfI
I wanted to hear Gary Savage about cycle outlook!