Friday Morning with Rick Ackerman
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Are the employment numbers that came out today giving us a true picture of the economy?
There is the possibility that GDX and GDXJ are both putting in a double top that will complete today. There will be a little weekend suspense if the chart ends like that when the session is over. But we all know how this works. That last little jump will happen after hours so the longs can sweat it out all weekend.
I’m looking at this index because it updates realtime, so you don’t have to wait for the close to see the result. This is a real gold index, not an ETF filled up with futures contracts. Ostensibly, the gold/silver ratio correlation will bottom first:
You can see hours into the future? Wow, that is quite a good computer you have there Fran.
The problem with this index is that it represents the value of gold miners held in derivatives contracts, which can mean the entire gold sector is held by the biggest players in high yield bonds.
If you use an iPad and squint, you can see the future, plus maybe get an app about where the planets are.
Fran Six, do you know why GBN.V traded in the US today? Aren’t they halted on the Canadian exchange? The stock has been idle at 0.003 since the halt.
GBRIF : Grey Sheets GOLDEN BAND RESOURCES INC
Last: 0.0001
Change: -0.0029 (-96.67%)
Bid/Size: 0.00/0
Ask/Size: 0.009/10,000
Volume: 30,000
52 week high: 0.0065
52 week low: 0.0001
As of 11:34:50 AM ET 5/6/2016
GBN.V was not listed on any U.S. exchange as far as I know. The trading halt is contrived to be indefinite for the moment. I suspect that the notice to a default was merely a pro forma function meant to initially achive a trading halt, then to extend the halt indefinitely through the resignation of the board of dummy directors. So you’re left with a spaghetti plate full of loopholes, and no answers. But the auspicious time when this halt was undertaken came over the end of the fiscal year at the very end of April, which may be the reason ultimately, that whatever financial transaction may be in the background, the fiscal requirement then carries over into the next fiscal year.
As for the shares, there have been numbers of shares available in the offer after trading halt. But the shares really should not be trading at all.
Yes it’s been trading in the US. Golden Band Resources Inc GBRIF:Grey Market (Common Stock)
Golden Band Resources Inc GBRIF:Grey Market
Last Change / % Change Volume
0.0001 -0.0029 -96.67% 30,000
A table providing an overview of the stock
Bid | Size — | —
Ask | Size — | —
Price Open 0.0001
Previous Close 0.003
Day High 0.0001
Day Low 0.0001
52 Week High 3/11/2016 | 0.0065
52 Week Low Today | 0.0001
% Off 52 Week High -98.46%
% Off 52 Week Low 0.00%
Beta (5 Yr) 1.60
Volatility Avg 4/13/2016 | —
10-Day Avg. Volume 0
Market data is in Real-time.
Noted, thanks. I don’t run the exchanges.
1 momma bear+1 poppa bear+boner=2 baby bears? are we talking stock charts here?
FranSix is just sharing with us the story of Goldilocks and the 3 Bears…… ๐
Platinum on the move.
It might be right at the top of its range now. I say that because it is an industrial input and copper has put in a pretty clear double top suggesting both will be going lower very soon.
Black Crows ! How is the Federal reserve ? https://www.youtube.com/watch?v=4NAcQmMJi6c
Gold popping….Birdman, I hope your DUST position is still tolerable.
Rick…black crow is only a “potential” bearish signal..verified by the next day candlestick. it will be nullified by today’s candlestick if the current price action continues. That doesn’t mean price won’t continue to drop next week, but the black crow signal is no longer valid…so better use other indicators to determine what is going to happen.
No worries JC. Everything looks to be setting up very nicely right now. I am encouraged by the action in Canadian and US dollars and by the patterns forming. What would give me concern is a break above the prior highs in gold and silver but that looks unlikely now.
This is just a waiting game for me. And its low stess.
,,,,I mean low stress….
Glad to hear it Birdman. My NUGT is looking good today but , I agree with you and don’t expect this bump in gold price to set new highs….but I have been wrong once or twice in the past…I will be looking very closely for another opportunity to get back into DUST next week…..probably to ride it through the seasonal spring drop and into summer low.
The important thing for me, JC is to not get panicked out of a position. That makes me nuts when the unexpected happens. But if I think I have made a sound short term investment I don’t mind riding the thing up and down as some time goes by.
In the past it was always impatience that got the best of me and I would sell a trade too early just so that I could move on and forget the one that appeared to not be performing.
I can’t tell you how many times I wold have been better off doing nothing at all because in the end the thing usually paid off well. But we never know 100%. Gold could still surprise me so I am not counting any chickens before they hatch.
About that popping gold, JC……if gold drops back from its peak today we may end up seeing a reversal candle get posted on the daily chart. That’s partly why I don’t worry much. The spike up probably looked pretty promising for bulls but the day is not done and odds favour a decline back towards the point of launch at 1280.
If that happens then the bulls had better be worried for Monday.
Thanks for your time Rick. The insights are always appreciated.
I don’t know much about three black crows.
The only crows I know of are the ones the experts who called for $850 gold will be eating
He who laughs last, laughs best James the lesser ๐ Time will tell who was right or wrong but I bet that by the time gold hits that figure you will be nowhere to be found.Vanished and forgotten.Most probably you will be in the woods hunting for crows ๐
I am so tempted to go long on DUST with a sizeable position – Chinese Yuan devaluation on Monday morning in Asia???? Or will we get one last pop at that 1300 and then down we go?
Three black crows must open within the body of the previous candle. Thiis patttern does not.
Rick this does not quaify as three black crows.Candlestick 2 and 3 should open within the body of the prior candle.
actually, my mistake, gold does have a 3 black crows pattern.
I was looking at NUGT. My bad.
I thought he was referring to gdx.Even those in gold do not qualify as three black crow pattern.
Correct.
Agreed. That is NOT a 3 black crows pattern in Gold.
The very top and very bottom black candles are Dojis – thin candles in the middle showing a tug of war between longs and shorts. The other 2 middle black candle are not long enough, don’t have the same body, and don’t close near enough to the lows anyway (even if there were 3 of them).
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=0&mn=3&dy=0&id=p49536283741
For those that are Game of Thrones fans….here are 3 black “Crows”.
And there were not three white soldiers before the three black crows ๐
I’ve been using this page recently as a quick reference guide to candlestick patterns
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:candlestick_pattern_dictionary
Thanks Brian for the post on candlestick patterns. I’ve looked at that on stockcharts a long time ago, but it was a good refresher.
This site is good too:
Gold is getting ready to give us five soaring eagles next week. ๐
Good suggestion. Yes, I’ve visited Thomas Bulkowski’s site before, but I forgot he had all the chart patterns also.
Matthew, it’s been a long time, but I think we are on the same page
You’r all fecking wrong. I can see four white ducks………..
Black Crows….what the hell are you people on about, ive been on this site for years & this is the first ive heard of black crows…..
IrishTony – I also see a partridge in a pear tree pattern……. I’m surprised a veteran contributor on the Big Owl blog, such as yourself, missed it due to all the attentions the four prancing ducks pattern is getting. You’re slipping man….better tighten it up. ๐
If you switch the pattern from daily to weekly you’ll also see that the “partridge in a pear tree” pattern morphs into a “one flew over the cuckoos nest” pattern.
That seems significant…… a canary in the coalmine, if you will……..
I think marijuana has been legalized.
Ok, so I’m wrong about the gold daily price chart. There’s two black crows, a momma bear and poppa bear black crows and and two baby bear baby bear black crows. Followed by a boner. Not that there’s anything wrong with that.
There are, however, three black crows on the monthly dollar chart.