These conventional markets are looking really ugly
How much further down can the markets continue? Doc says things are looking bad and there is no denying that.
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And the SUPPER COMMUNIST CORRUPTS EURO is GOWING UP ! Fiat FIRE ! fihttps://www.youtube.com/watch?v=y7lMj-3l6fc
GOT to sell the SHEEPLE something………….circus and clowns…………
ha,ha, funny comment on Gartman……..DOC………………
DOLLAR…….yuan……and the dong…………currency wars are heating up…..
DOW………DOWN……….432…………. HELLO
“Let them eat cake”
or hostess ding dong…………
DOW looking for 14000……..then 9,000
You really think that 9K is possible?
50% retracement off 18,000 which extended to far…….and anything is possible.
but, I am not expecting it to go down that low………but, things would really be UGLY
Take what Gary says and what Doc says, mix the two opinions, and you have a pretty good idea what the markets are gonna do.
Agreed, Jason!
Nice.
I just separate them into my Right and Left brain and let my corpus callosum figure out the details.
Smart thinking.
Hi Doc,
XON has been a curious one today – currently up 6% with its ‘child’ ZIOP up about 5.5%.
I understand that there has been a seconadry XON offering today and I notice on some of the messageboards that people are speculating that the underwriters are trying to push the stock price up to lure people in.
Surely this will now fall into the 30s as the general market fall – or am I missing something fundamental?
Watch Bernie Sanders tell Alan Greenspan, in 2003, that Americans are not living the way that Mr. Greenspan imagines they are.
Then just 5 years later Alan Greenspan, former Chairman of the Federal Reserve, admits that there is a flaw in his ideology.
https://www.youtube.com/watch?v=WJaW32ZTyKE
Are we gone hear Janet talking about QE in the next months ?
Nice Gabriel AND ! With the Hun one your HAED !https://www.youtube.com/watch?v=q6vi528gseA
The pyromaniac warning of fire danger … lol !
http://www.marketwatch.com/story/greenspan-warns-about-bond-market-bubble-2015-08-19
Okay Franky, thanks for this link.
Doc, what you said about Dennis Gartman is wrong! He has been absolutely correct in his bearishness on gold in US dollar terms, and his bullishness on gold in Yen and Euro terms.
Except prior to 2011, when Gartmen was wrong for years.
Doc, You say “There are no easy answers”
But, of course, there is a simple answer: Dump the stupid socialism and Keynes, proven-wrong theory.
You want Growth, then lose the drag on the economy of excessive taxation.
You want Inflation, then keep on printing your fiat; you will get inflation.
You want a systemic collapse? Slow or fast? Then chose Socialistic overspending; the more you overspend the faster the collapse will come.
Economics ain’t that complex. Sure it has many interwoven parts, because no economy is isolated from the rest of the world anymore.
But the basics are still pretty simple:
You want less of something, then tax it or regulate it to death.
You want more of something; reduce the regulations or taxation.
Things have not changed in thousands of years.
KISS, huh Professor!
I try not to over-estimate the intelligence of politicians, and not to under-estimate their corruption. Yet, I fail, so often.
CFS, you should be running the economics dept. at Harvard.
I agree Doc, I am shorting the S&P.
This is going to get more scary.
Doc, last week when TGD was @.25 you warned me that it could bottom @.20. I watched it go up to .32 this morning and got scared I would miss its surge, so when it fell to .30 I bought it. I’m sure you are right and when it falls to .20 I’ll load up the truck.
BB; the fat lady hasn’t sung yet. The monthly chart has not turned for TGD yet and looks like a continuation pattern and that means the odds are good for lower prices yet. I’m not yet impressed by this gold move which we most of us knew was coming. The PM stocks did not perform well today considering the move higher by gold.
Doc, I don’t know what came over me. I had decided to wait for TGD to go lower, but watching it go from .25 to .32 was more than I could stand, and when it dropped to .30 I could not control myself. If Gary is right about gold going to 1250 next month then I can probably sell the TGD for .40 and buy it back later. Do you follow NSRPF? What do you think of it?
Maybe QE is coming. At least no rate hike.
DOW is the new Pet Rock !
🙂
By scary do you mean exciting?
Day are working ferry hard to make THE US population crazy fore KING OF KING’S ! https://www.youtube.com/watch?v=80Sy_SBnwZU
The Pope ! https://www.youtube.com/watch?v=MMAPNYZg2ug
On Monday watch the markets put in a dead cat bounce, enough to fool the bargain hunters.
Remember, this bull market has survived some tremendous shocks, perhaps it is destined for a longer life, I would wait for Tuesday to come and go before placing my bets, terrible Tuesday could be the real storm and if it comes and goes without too much trouble we could see a reprieve, just saying!
Dow down 475 now to 16,515.10.
NOT looking good for the weekend worriers………
Whoa…that was an ugly close.
Revenge of gold bugs
How sweet it is…………lol
Yikes!
Al, why is Doc now called Charley now? I am all behind.
There is technical divergence now between Doc and Gary. Doc is moving down and Gary is moving up in forecasts. This you could name the Al theory (instead of the Dow theory).
That is what all of his friends back in the mid West call him.
Cheers Al! I am now in the know!
Regarding?
Regarding why Doc is called Charlie.
I don’t think Gary said a bubble begins in Oct…. he said a crash or a low….
then he said a blow off S&P bubble in 2016-17… didn’t he??
Nice call on the S&P Short Al!
with all due respect doc– the HUI dropped only 3.5 pts on a more than 500 drop in the Dow
imo that aint bad at all…… in fact…..
Agatha, that’s not bad however this is just a tradable rally IMO and we have a lot of work yet to go on the PMs and the stocks. 2016 looks like a better year for the PMs.
DOC
Is there a gold or GDX(J) price where you would reconsider or change your predictions for a final low in gold in 2016?
For example, if gold broke above $1300 and then held for resistance, would you change your outlook?
Stanley Druckenmiller, the famed hedge fund manager, just placed more than $323 million of his own money into a gold ETF, at a time when sentiment toward the yellow metal is in the basement.
Between 1986 and 2010, the year he closed his fund to investors, Druckenmiller consistently delivered 30 percent on an average annual basis.
And now he’s making a call on gold. The $323-million investment is currently the single largest position in Druckenmiller’s family fund. It’s twice as large, in fact, as its second-largest position, Facebook, and amounts to 20 percent of total fund holdings.
I caught the a couple days ago. He may not have called the absolute bottom in gold, but he knows a trend hen he sees one.
BigBill, do you have a source?
Doc:
Really enjoyed your cautious comments today. Even think I noticed a level of concern, more than any time in your comments over the past 60 days. Please continue to give us your honest thoughts. They’re certainly appreciated.
Silver, you’re welcome. We’re entering a very volatile period where gold will hold it own and comparatively do better then the conventional markets.
Agreed. Good thoughts today Doc. I tend to agree with you that there is maybe another week or two left in the PMs bounce. There is likely some upside left, but I won’t be surprised to see it turn and start heading back down, especially if it hit that 100 week MA Gary discussed. Regardless unless we break out of the wedge on the monthly charts in a major way, then I think we grind down in gold by mid September.
This next month or two is going to get to crazy in the general stock indexes, commodities, currencies, and bonds. There should be many sudden changes in directions, and it should be quite volatile with big swings each day = opportunities & risk.
PS. – Doc as you know, I am in complete agreement with you on the VIX, and I took profits today in UVXY, and if the markets snap back at the beginning of next week then I’m going back in.
ProShares VIX Short-Term Futures (VIXY) -NYSEArca Watchlist
13.76 Up 1.96(16.61%) Aug 21, 4:44PM EDT
After Hours : 13.65 Down 0.11 (0.80%) Aug 21, 6:15PM EDT
ProShares Ultra VIX Short-Term Futures (UVXY)
42.22 +10.86(+34.63%) NYSEArca – As of 4:45PM EDT
After Hours: 41.38 Down -0.84 (1.99%) 7:59PM EDT
Any idea technicians, Should we get a relieve rally on Monday?
If we do, it will probably happen after further downside unless news or the PPT intervenes.
Imagine the sell orders that will get placed by people getting from work today to see that the Dow has finished the week down over 1,000 points.
It’s been a very long time since the picture has looked this bad for stocks.
http://stockcharts.com/h-sc/ui?s=%24INDU&p=W&yr=1&mn=6&dy=0&id=p31256454701
Matthew,
Don’t you agree that one day does not tell the entire tale?
In this case; however, given the lack of fundamentals in the mkts; and the lack of freedom; and, the trend that has been going on for awhile yesterday may very well be an exception to that rule.
One day, Al? The technical picture has been deteriorating for a lot more than one day!
I realize that Matthew, I meant one very dramatic day!
One bad day that happened to end the worst week since 2011. Plenty has changed and stock could get even more expensive if “E” collapses more than “P” -and it just might.
Eventually, if history again repeats itself, it will. But, not until we get through this one.
Just to be clear, I’m talking more expensive in terms of PE multiple NOT price. Price is heading lower but if PEs rise due to plunging “Es” then stocks will be more expensive despite falling in price.
I figured
Thanks for the chart, Matthew!
I think that anything based on lies and fairy tales is going to turn seriously UGLY when there is a serious reality check and people are forced to accept the truth. Current gold and silver prices point to a extreme hyper deflation for everything else and it has been that way for almost a century and may be longer. Permitting the metals to go to a proper un leveraged exchange rate is the poison pill for the global financial system because it challenges the official fairy tale the world financial system is based on.
Interesting comment Steven.
Jim Pulvava is saying Buy The Dip this weekend.
I just found a chart that has almost exactly what Gary Savage is looking for:
http://goldtadise.com/?p=350238
Correction to 1550 then move up to 3400.
As for me, I have no idea!
Good chart.
You know Doc, one thing I am noting today is that there is sufficient upside room on the 30 year bond before we get any major resistance to allow an assumption it keeps rising next week and suggesting stocks keep falling until mid week.