A bit of a remote with Gary who was in a restaurant in the middle of his climbing trip. Bear with us on this one.
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Gary maintains, and we agree, that the results in the markets this morning are proof positive of the control of the “powers that be”. Big Al asks the question, “at this moment in time is that necessarily a bad thing”?
Good thoughts on Oil and the potential for a little more downside in the near to mid term.
There will be a great buying opportunity in the future in Oil and the commodity resource markets, (extended due to slowdown in China). We talked about this at the beginning of the year that this summer [June-Aug] would be when the CRB commodity cycle would be putting in its 7 year cycle low. It seems the weakness in commodities and energy is right on schedule, and we may see a little bit lower prices before “the bottom” is in. It is funny, as Cory mentioned on Chris’s interview, that everyone is waiting on the sidelines for this bottom to come in. This will likely lend credence to the “break-out to the upside” once we complete this falling wedge pattern.
Good luck to everyone in their investing!
I charted this last week.
http://blog.smartmoneytrackerpremium.com/2015/07/chart-of-the-day-93.html
Interesting chart Gary. I had mentioned earlier in the year that I didn’t think we got the low in Oil yet, and after a few months of regaining composure that I could see another leg down to the $38-$40 range. That sounded a little more outlandish when oil got back up above $62 but not so much when it was just down near $52 today.
I don’t know my JDST jet just took some ground fire from NUGT. Did some damage but I am still aloft. Green by about $46 @ 3pm eastern.
Looks like the down cycle in equities was reversed again. Stocks to continue higher. Not even Greece can bring down US equities. War might not even do it. Nothing will stop this bull.
Only if the gov’t. Stops!
Hey Gary, you are choosing one of the best places to be – in a restaurant halfway up a mountain, away from it all.
agreed silverbug dave. Up, up, and away….from all the market madness.
You are so right Silverbug Dave,
The volatility coil in oil is breaking to the downside.
Gold should bounce enough to draw in some more hopefuls before turning back down into the next daily cycle low in 5-10 days.