Why Gary is saying sentiment is the key driver of the markets
We start off today with Gary chatting about the moves in oil and the UD dollar. After a poor GDP report these are the two markets making the largest moves. Gary gets into the topic of sentiment and why he thinks this is the biggest driver in investing right now.
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Hi Jason,
Sorry we are running a bit late today.
Best,
Big Al
Despite that mammoth drop in the dollar, gold hardly raised its pulse. It did not go shooting skyward as so many might have predicted based on a dollar plummet. Keep that in mind that as markets fell hard along with bonds face-planting and the dollar pulling off a bombs-away that gold offered no safe haven support.
None.
PS…it was oil that got the bid. That’s what the market decided was the best alternative.
Good points and observation Birdman. Gold had a chance to have really rallied today, based on the average investors understanding of tradition correlations in the currencies, equities, and bonds, but it kind of flat-lined.
Gary, I completely agree that fundamentals generally affect the long-term picture, and technical analysis is more important on the short-term gyrations. As for market Sentiment, it is really a combination of Fundamental and Technical convergences.
Big Al, to answer your question, yes Fundamentals (like war, storms, Fed actions, global news, the strength or weakness in the US dollar) can definitely affect Sentiment. Just look at how the markets reacted to TARP, QE, Operation Twist, the Arab Spring in Egypt, Lybia, the Fukushima disaster, Russia/Ukraine, Cypress, Greece, the Swiss Franc de-pegging from the Euro……. and on an on……
However, sentiment can also be effected by short to mid-term technical patterns playing out, the MACD, Fast/Slow Stochastics, RSI, Money Flow, Accumulation vs Distribution, gold/silver ratio, asset class versus general stock index ratios, Japanese candlestick patterns, Fibonacci retracements, bollinger bands, and on an on.
So Sentiment is the fusion or synthesis of Fundamentals and Technical indicators. Oil is a prime example. There are many chart experts analyzing a gazillion different technical patterns, support/resistance levels, etc…… Then there are all the news shows digging into supply factors, demand factors, OPEC and the Middle East, conflict in Ukraine, sanctions against Russia, Iran supply coming into the market, and on and on….
The Sentiment (Fundamental and Technical) was too bullish and even a bit cocky for most of 2011, 2012, 2013, and early 2014. Then the sell down in in 2014 and into 2015 got way oversold technically and some would argue fundamentally the dollar got too strong. When oil was down in the $40’s Sentiment was so bearish it was time for a counter-trend move back up and that is why we are getting this move up in oil. In addition, the dollar was weakening big-time today, and oil was rising, so no real surprise there.
I am in complete agreement with Gary that we have room to get back up into the $64-$66 range, and this will coincide with a US Dollar around 92. At that point in the not-so-distant future, when the Dollar puts in an intermediate bottom around 92, then Oil will top at let’s say $65, and the trends will reverse again going into the fall.
Great segment today Al, Cory and Gary.
Boy, do you have a point! At least today!
Yes they are sitting gold up to take a terrible beating once the dollar bottoms and starts back up. I do think gold will get through $1220 but only briefly as the dollar should bottom by next Friday. So yes traders should be ready to take profits sometime next week.
Agree Gary, gold is setting up for a fall. If there was a day it should have rallied hard out of the blocks it was today. But we got nothing ๐ . And that tells me the market has spoken loud and clear. Another gold decline is imminent. Where was the bid after bonds sold off? Where was the bid after the dollar tanked? Where was the bid when equities got hammered.
Absolutely nowhere. I cannot be the only one who noticed that and it really does not bode well the next time the stars are not aligned so favorably for gold to rally higher.
Birdman :
[ ever see the film w. Burt Lancaster playing the incarcerated ”Birdman of Alcatraz”, and Karl Malden playing his Prison Warden? … a total knockout, compared to today’s ‘Hollywood Kitsch-Krap”, as I call it ; but, I diverge, so back OT [as in ”On Topic”, but *not* ”Off Topic”].
You stated:
”…I cannot be the only one who noticed that …”. You weren’t, BM.
—LFP
PS: Additionally, I haven’t heard or seen Gary or yourself being as animated in voice or text, respectively, for quite some time. Sump’tin muzz be cookin’ Ha-Ha ๐
Hunh? I was talking specifically about today’s market action and the response of gold. Not sure what part of that interview related to what you are saying to me so you might have to be more specific.
Love that old movie btw. You bet I saw it but that was 30 years or more back.
Great interview ,Gary. My sentiments exactly! ๐
Actually there are some really interesting insights in this segment. Five minutes of pure educational value.
Yes Gary, this is my concern with Gold, that it may get up a little higher to test the 1221-1222 resistance, (and M-a-y-b-e 1239); but then it will retreat into a “Sell in May and go away” frenzy, when the dollar bottoms (around 92) and then reverses back up.
My hope is the same as Doc’s that maybe Gold can get through May without too much damage, that it may turn out OK in the summer doldrums…….But if the dollar reverses back up hard due to GDP and currency nonsense in Japan, Europe, China, Russia, then we may get the second track of “The Slow Grind Down in PMs” potentially to test the November lows. I hope for all the Novemberists out there that Gold makes it through May with another week of upside, and that it channels sideways after that, or else we may violate the Nov 2014 lows if things get ugly.
Good luck in these volatile markets everyone and happy trading!
I got out too early with my XOP oil position as it has been dead for days and just took off today. Hopefully it will correct from $60. The dollar is coming close to bottoming near the 94 level.
There is still plenty of room yet. I think oil is going to $63-$66. I think you can get back in immediately.
Those were good comments today on sentiment indicators and bull / bear percentages, Gary. I almost always take those into account when charting because of the added confirmation they offer.
What do you think now Gary….SINCE THE FED sees SLOWER GROWTH.?
PLUS I think there is a glut.
Like I said oil is being driven by sentiment not fundamentals.
thanks
I agree that Oil has a little more room to run Gary, but don’t think that Sentiment is exclusive of fundamentals or technical indicators, and is really a convergence of the two market forces.
Well, the Euro blew right through resistance this morning just as I predicted yesterday. Nice as pie, thank you very much.
The dollar meanwhile has crashed right down to March 4th support and has very clearly established the falling trend that I have been insisting was in play. A bounce back off support looks likely at this point but I continue to harbor ZERO doubts the trend will remain down.
Third and last point….I wrote a short commentary early this morning regarding a blow out in the 30 year note and reasons why I expected it to go into decline due to market expectations of rate hikes combined with the fact the 30 year is posting a huge double top.
Bingo! Pow! Kazzam!
That’s three for three boys. You know anybody else who did that?….Name that guy.
Alfred E. Newman.
Were you involved in the financial sector when you lived in Vancouver?
Alfred E Newman?….in other words, nobody.
The only thing I did not get right was that I was thinking equities would rally and the Dow would hit new highs today. Oh well…we can’t expect perfection. But holy crow man, I am on a roll otherwise.
Must be this lucky puppy who joined the household on Easter. She’s an angel.
Well done Bird.
Hey thanks, bb. I have had some terrific days so far this year. Not sure why but maybe all those years of staring at charts has finally just paid off because this feels very natural. I am not yet too overconfident but neither do I have many doubts about my calls. And almost everything is coming up roses each day. How weird is that?
Birdman you have had some very good calls, but remember nobody is 100% correct and sometimes when you say things like “you can count on it” or “bank on it” or ” I have zero doubt about…..” it may be interpreted as a little overconfident.
You have been giving out some excellent commentary for a while, and have had many accurate calls, but let’s remember a quote from the great Han Solo:
OK..point taken. Thanks Shad.
Please, please and please, don’t give him any compliments at all!
Its’ OK Al, I can handle a compliment. God knows there are a hundred people out there ready to shoot me out of the sky guns blazing should I make a mistake. Lucky for me I haven’t made many lately! ๐
unless you personally made good money off those calls Bird its just hot air, as a trader my success is measured in reality = % gains to my net worth not opinions that turn out to be correct with no skin in the game backing up those opinions.
Call it whatever you like jj. Its no skin off my arse. Let’s see you do better (before it happens of course) and be sure to post on this site so there are no doubts in any minds you made the call. Like this one I left very early this morning…..many hours before the long bond took a swan dive.
“Changing subjects for a momentโฆโฆbut has nobody been looking at the long bond chart either? I meant to bring this up the other day when I heard one more person saying that double digit gains could still be made on the 30 year Treasury and longer terms.
Thatโs nuts in my books and I will post a chart to challenge that idea. I hope you all take a long look at it before listening to anyone advising getting all hot and horny about further rate declines.
Here it is from Finviz. Does NOBODY notice the huge double top on the weekly chart? The 30 year has a great, big, fat, obvious decline written all over it and there seems a certainty the market is no longer doubtful that rate rises are coming.
Just my opinion of course, but the most money will be made on the short side of the 30 year for the next while. Maybe a long while too judging by the size of that topping pattern and the fact it turned down at MAJOR resistance posted as four peaks that appeared in 2012 and 2013”.
Finviz โFutures 30 Year Bond โ Weekly Chart
http://www.finviz.com/futures_charts.ashx?t=ZB&p=w1
Not going to get into it with you Bird as I’m well aware of your personal attacks….again sorry as a trader making correct calls means nothing if one doesn’t make portfolio gains off those correct calls….I can’t live off that so my long or short positions have money behind their calls, no trader would last at any firm making correct calls but no profits off them…..cheerleading is cheap!
You sure are making a lot of assumptions about me.
Well said JJ and I completely agree…..Regards..
The ones who agree like you are always the ones caught on the wrong side of the trade. That’s the majority Gator. You guys just never get it. Never will.
I disagree JJ. Nobody bets on everything, sometimes we follow until we have a set up we like.
I figured Bird would be right about gold, (as has been usual of late) but didn’t buy.
The reward imo opinion is minimal, unless gold goes thru the roof from here of course, and profits should be of greater interest to me (better) with a little patients.
Did I spell that right? Maybe Im the patient.
Anyway, my decision is not to risk capital for small gains now and wait for larger gains later.
But, Bird hitting with or without capital invested still informs as to whats happening.
Maybe Im wrong, just how I see it.
Just to put the risk/reward into perspective as to how I see it, had I hit what Im interested in perectly, I would have made 8%, that’s 8 thousand on a hundred k investment, That’s peanuts to me, the % profit, not the cash.
But the reward doesn’t warrant the risk, even if the liquidity was there, which I find low in goldstocks right now.
bb, I don’t discuss money here because that’s nobodies business. Something else seems to be eating away at jj but I am sure it has nothing to do with me so I won’t get in a flap about it. Actually, almost nobody here ever talks wins and losses so its peculiar he would even bring that up. Especially as he does not know me from Adam.
Understand completely where your coming from bb
I’ve been a trader all my life so I’m coming from a completely different angle, if any walked up to me on the trading floor and cheered how they got 3 correct calls the first question anyone would ask is how much did you make? if you made no money because you obviously didn’t believe your own calls enough to hold a position behind them, big deal!…..isn’t this all about making money!…I can’t feed my family based off chest pounding, can you?
Really doesn’t matter…..have a good day
OK, you’re hot for no good reason here. Let me take a flyer guess on what it is ….You are long dollars, long bonds and short oil. Is that about right? And basically you are fuming mad that ANYBODY else could have figured those trades better than you because you…um…have been a trader all your life.
What I have learned being on this site is most people have not the faintest clue about how the Fed functions, why gold moves, how currencies respond nor what any of the interconnected parts mean to their investments. Most of the popular analysts are also totally out to lunch. Especially on gold.
Basically almost nobody I have come across gets the macro picture and as a result most of them miss the turns, something I happen to be very good at. So its no big surprise you get hostile about how much money I made (or did not make according to your presumption) because in a short sentence….you cannot do it.
And you don’t know how I can.
Live and learn, jj.
I understand JJ, we all have our perspectives and I can see your point is cash, that’s the scorecard. Of course your right.
But you and Bird used to be in complete agreement, I personally found your comments excellent and profitable, I was really p#%ed at people being such d&ckheads to your input. Just goldbugs that couldn’t handle truth.
But you and Bird actually are very similar in the way you see the markets moving.
I hope to see you guys exchanging views again.
Not the scorecard on this site bb. That has never been the focus here. Most of us have treated this as a discussion board about trends and market movements. Lots of charts and technicals and guessing the future. Can you recall anyone talking about how much money they made (and lost) on a daily basis.
I sure can’t. JJ is way off base. That is called a Red Herring.
0-jj
The only way I can justify spending 2-3 hours on this site per week (listening to selected segments, reading posts, writing short posts) is if I am increasing my net worth. I skim the forums for actionable information (e.g., Matthew’s October2014 tip on Claude, Theralase, the Scorpio discussion) and try to contribute when I think I have a unique perspective (Alexco undervalued, trading JNUG). My trading account is up 12% for 2015, based PARTIALLY on what I have learned here. To be honest, I don’t even read 90% of the posts and admit to doing a search on 2-3 posters IDs when there are 100+ entries with a segment.
Brian
I agree completely with your comment, bb, about with or without capital.
bb..put your love for the bird aside for awhile…JJ makes perfect sense..no skin in the game on calls…no credibility..period…
to itch his own gator, I itch my own.
You need a diaper change bb or some talcum powder.
And I was thinkin this site got cleaned up.
What do you think the chances are of someone like Kotlikoff Richards or Grant spending time on this site?
I do know there are some conversations here that interest them, and then they read something from HH and poof, they are gone.
Your comments often degrade the site HH.
Has that ever occurred to you? Just wondering.
Actually bb, I attempted to cool things down to
cap off all these disagreements with some humor.
You on the other hand act like a 3 month old who
literally needs a diaper change who makes a point
to consistently defend his daddy.
When are you going to disengage in this role model
attempt that has been going on for quite sometime.
Its annoying. Because your not much of a defense
always playing this role. Its getting really old ..bb.
hhmmm, “cool things down” eh, with insults, good plan.
At least your off the gold gold buy buy god is on our side kick.
So I guess you have improved.
Either start acting like a man or change your name
that suits your suck up character to one particular
individual because its overwhelming evident you
have an infatuation with that person.
bb..to the rescue. bb..to the rescue. Maybe do a
name change bb. Gayland might be more appropriate.
Or just start acting like a man. That would be best.
ok HH that’s it, I pass gas in your general direction.
Time to evacuate. Good night bb.
๐ tomorrow is a new day
How would you know one way or another Gator? That’s an accusation, not a fact.
Sorry to see you are getting the usual treatment from the mob, bb. You need a thick skin around here. Lots of sour grapes. Most of these guys lose at the game so keep that in mind. Statistics prove that beyond a shadow of a doubt and the last thing they want to hear is that anybody else has an insight or makes a good judgement on the markets. Its pathetic really…but its also a zero sum game. Very competitive and a compliments are rare as the air on K5. Mostly I try not to let it bother me and I try to understand who the audience is. And I don’t mind blowing my horn a little when I have done well and catch one before it leaves the park. But that’s mostly to keep my spirits up. There are numerable people willing to knock you down at the first sign of a fault or an error. There is typically nobody around when you nail a home run. So you have to put yourself first….especially when you know you are better.
Its kids stuff Bird, but HH is right, one day I will probably need diapers, not yet tho.
I’m impressed bb…great sense of humor.
We are all going to be in…..da diapers …one day..lol
OK…OK…OK…
Look at 1200 gold its magnetic. ….JUST AS I PREDICTED.
I am the true champion and guru …lol. j/k
Rodney Dangerfield….I can’t get any respect !!!!
the day is not over……………
Almost Frank…..you may as well take it to
print in The Moscow Times. ๐
๐
Bird, you mentioned Bonds, I really don’t understand them, lots of stuff actually.
Just wanted to say I have been noticing a few articles about bonds these last few days.
Just that interest seems to be picking up where bonds are concerned.
If that tells you anything, no idea of course.
Just google search it ..bb…what is it you don’t understand.
Is it in your diapers or what.
are you saying dump the bonds…………. ๐
Interest rates rise, bonds will fall. Current coupon rate.
They will all lose money as old higher bond rates are
way over par value.
So they will lose current market value. Guaranteed short.
Cha CHING $$$$$ ๐
Gold has recovered somewhat. 1200 magnet in play.
1180 to 1220 tight range. Me thinks for now.
The Cabal playing with it. Making fortunes on selling
derivatives in both directions. Option money losers.
The FOMC did not even budge the market. Everything started happening pre-market and it stuck.
I disagree, did not fudge it. ๐
I DO NOT like bonds………….
TALK ABOUT BONDS…………UNCLE BEN gets job at PIMCO……..ha,ha …..see kitco
Uncle Ben Fraudster ?
oink…oink…get off his fat behind.
Should be working at Wallfart.
Maybe Uncle Ben can fill ole Bill Gross’s old shoes at PimpCo
bb, there are fortunes to be lost being on the wrong side of that trade. And fortunes to be made getting it right. Lets just say that some of the guys playing leverage got their arses handed them on a platter today. Way too many people are still trying to catch last years great trade. But its done and the writing has been on the wall for some time now. Did you check the futures chart I posted?
I mean, we need to keep the sentiment stats in the back of our minds. Right now the majority are long dollars, bullish long bonds and certain that oil will plunge back below 44 dollars.
And they are all wrong. And that’s how the market makes a fool of the majority of investors most of the time. Is it any wonder there are so many frustrated people on sites like these who linearly project the past into the future and get creamed time and time again?
Whatever happened to the contrarians?
I get your point Bird, but I don’t understand bonds so don’t really bother with them, Im definatly not going to trade them.
I have to stick with what I understand.
This might get you interested. German 10 year yields….up 75%. Just one days move.
http://www.bloomberg.com/quote/gdbr10:ind
Bill Gross was talking about this the other day if I am not mistaken. I never saw his article but saw it referenced in several posts around the web. Tiny rate moves make for a lot of action when you are so close to zero. Imagine if inflation ticks up unexpectedly….just a slight disturbance and the sh*t will hit the fan all over the planet. Its why the case for oil prices and gold are so interesting. And why the bottom we see coming in the commodities index’s ar charts some of us cannot keep our eyes off. Its all connected (to steal a phrase from Armstrong).
Rogers was saying about a year ago? That the big money would be in currencies.
Maybe it always has been?
Here bb, I found something that might be more helpful than what I posted above. Its a short article from Zerohedge with a couple of good charts attached. The rate actually doubled in 24 hours. That was a big move and ruined a few peoples fantasies of early retirement being on the wrong side of it. Gross called it the “Trade of the Century” I think. But you don’t need to watch Bunds. Treasuries can be equally exciting. Just don’t fall for the clarion calls that we are necessarily going to much lower lows on rates as many have been asserting. Not until you have checked the charts for yourself. Some of the ETF’s are not sending warm fuzzy signals that all is well in the falling interest rate world so you need to do your DD.
Sorry…here is that link:
To Commerzbank, German Bunds Are “Flash Crashing”
http://www.zerohedge.com/news/2015-04-29/commerzbank-german-bunds-are-flash-crashing
You can check the bond ETF’s if that’s your cup of tea. But they don’t really give access to the serious plays and inverse ETF’s are in short supply. Here is a list. I will post the inverse ones below.
Bond ETF List — Stock-Encyclopedia.com
http://etf.stock-encyclopedia.com/category/bond-etfs.html
List of Inverse Bond ETF’s traded in the USA
http://etfdb.com/type/bond/all/inverse/
List of International Bond ETF’s
http://etf.about.com/od/bondetfs/a/List_of_International_Bond_ETFs.htm
Double Short Bund ETF
http://www.bloomberg.com/quote/DSB:FP
Personally I think its a good idea to consider the bond short side now that the Fed is signalling rate hikes. Pretty much anywhere in the world is open whether its Europe, the US, Japan or whatever. Just keep that decay in mind if you are going leveraged ETF’s.
And ignore the people who only talk gold because they will send you down the garden path and confuse the hell out of the simplest and most obvious of trades. In general, once rates hit zero (or a little below) there is only one direction for them to go and that’s up. So there is a lot of money to be made for many years to come and this is close to the bottom now, if not THE bottom. The more aggressive guys will play futures and options. No problem is you are confident but if you are wrong….it can be a painful experience. Some guys simplify timing by using leaps. Nobody ever talks about those here though. Strange really but it is what it is.
thx Bird, I checked the Canadian market, all I found was htd for shorting bonds.
Liquidity is non existent.
I only invest on the Canadian, I don’t pay taxes. Any other market and I would have headaches.
Slim pickins there. But that’s cool.
The power of trendlines, esp. up-trend lines is shown again in my bowdlerlized (KISS) long term chart from four years ago, which is , pretty much, holding: OIL-20110617-Monthly: http://2.bp.blogspot.com/-qNZi6dtiZr4/Tf2lDvtEIpI/AAAAAAAAANM/AjwClhk7Udk/s1600/OIL-20110617-MonthlyN.jpg.
Probably, the bottom is in; but, If recent lows are broken โ MUCH lower !!
How anyone thinks gold is going up after today’s action is beyond me.
The last gasp run up for the dollar should be real soon, along with a major drop in metals.
How anyone could buy bonds right now seems senseless. But, maybe I’m missing something?
People in Europe are forced to stocks. The bonds are almost negative and cash is negative!
Makes for a big play on USD, I would think.
Mike Belkin agrees with you.
AL has been turned into gold bear by the several bearish posters here. For the record, this site does not qualify as contrarian investor site any more since from hosts to guests even most posters are generally bearish. Too bad, not many people have backbone.
Lawrence,
I think the market it’s self has turned Al and a lot of us into gold bears. A four year bear market tends to do that. It has nothing to do with feelings or backbone.
So you guys are followers not contrarian investors
You guys would be bearish a few years ago but not now
When contrarian equals losing money not many people stay interested long, Lawrence. What part of getting smoked on gold ownership feels good? Some of the guys who used to come here admitted they had suffered losses exceeding 80 and 90% on their miners.
I think being bearish during a bear market makes perfect sense. Nobody can guarantee gold won’t fall to 800 or 900 an ounce. So why would the bulls get out the pom-poms and go Rah-Rah-Rah when prices are still trapped or falling?
All you are seeing is a reflection of market sentiment. It is not anybodies fault.
Bear market is a perfect time to add position not run away. If one doesn’t he stand to lose. Miner is different since some of them may go bust. You have to take that into consideration. I was looking to this site as against the crowd. Kind of disappointing
Gold was in a bear market priced at 1500 dollars an ounce. Was that a good time to add to positions? If you ask me, that was a good time to be running away. Same with 1400….and 1300 and now 1200.
Wake me up when we get to the real bottom. Then I will buy.
You probably will never know when you are on the bottom. You may run away further at bottom. One good example was I started to invest in China A shares in 2009ish. I went through the entire bear market and added in progressively. Now I got a double and still have 60 % position to make more profit. If I run away in the low, I may have to add now. The other example was 2008-2011 prior for PM.
I know we have been knocking on the door of 1200 dollar gold since middle of 2013 which is 22 months in the past. So you could say I really don’t have a lot of worries gold is going to take off and leave me behind anytime soon.
So what’s the rush when it appears to threaten new lows?
HANG IN THERE LAWRENCE……… :)…………. THE BOOT
In my opinion, there is a difference between gold (the metal) and the QUALITY junior gold miners that are producing at a profit or near profit.
GOOD ONE BRIAN…….. ๐
BOND MARKET IS LOOKING BETTER…………..UNCLE BEN IS going to PIMCO….
I was expecting more of a reaction to the Fed today – are the markets confused?
No forward guidance. Everything was front run early in the day. It was a pretty notable difference from the past and unless you had a handle on what was going to happen there was no opportunity to play off the momentum that usually follows an FOMC statement.
So, um, what happens now?
How is your crystal ball?
The HFT computers were even confused.
Ha! Yes, true enough. I think a lot of people got left behind today. Orphan trades everywhere, shorts battered, longs scarred. It was pretty interesting day really Guess it just means we are finally on our own and Gary’s mantra that the Fed’s got your back might no longer be such a great system to work off. So its back to fundamentals and real analysis because momentum trades based on what the Fed says and does will not cut it so easily anymore. I think it means easy street is over and done for some traders now that we saw how the market was hijacked on an FOMC long before anybody even started talking.
In brief….the sheep are going to be separated from the wolves.
What do you mean by hijacked? What happened? Leaked info and the markets did what… went down…
Just saying, the action started pre-market and it was all over but the crying well before noon. The FOMC came at 2:00 pm and the market barely budged. Draw your own conclusions if it was front run or not.
Agreed Bob UK. It was kind of a blah day today (with the exception of the bond markets), but the markets do seem confused. It will curious to see what kind of follow through there will be tomorrow and Friday for a sense of direction.
I was expecting Rick’s 400 point move – either up or down. But nothing happened really.
Perhaps the Fed turned off the HFT machines that buy no matter what? Anything short of Yellen saying “Rates will go up next month” usually results in a massive spike.
FOMC. ( fleeced out my cash )
๐
On the TSX….we have AEM, ASR, NG, DGC, AUQ, GUY, FNV, FVI, KGI, LSG the list goes on….these stocks have built great bases and are not far off from solid breakouts. It might not be a good time to throw in the towel just yet! Institutional buying has been happening for several months now. If it doesn’t head upward now, there will be very large upward correction within a year. Franco might be close to 85-90$ when this next move gathers steam.
thanks…………………the boot
Isn’t it quite possible that the oil has already adjusted to the lower GDP numbers? Forward looking, now we are looking toward the economy in June – September and pricing oil accordingly?
I could argue that the price of oil was already predicting a low GDP number. So it would make perfect sense.
FINALLY! Been waiting all morning for Gare’s comments on the markets! I bailed too early on my gold position but I did take MY profits and for that I am grateful.