Daily Market Wrap – Fri 6 May, 2016

Our thoughts on this week in the markets

Doc joins us for today’s market wrap to discuss the bounce back today in gold and how the other markets closed the week. There are some positive momentum indicators that makes us believe that the market could grind sideways as we start next week.


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Richard PostmaAl KorelinCory Fleck

  1. On May 6, 2016 at 3:42 pm,
    CFS says:

    Do employment numbers as produces by the BLS have any real significance, or is the Echange Stabilization Fund buying ETFs just before any reports and then Hedge Funds with their fingers in the wind jumping on board?
    We will probably never know.
    But by any reasonable metric, such as corporate profit trends, Price to sales or price to earnings trends, the direction of the general market today makes little sense.

  2. On May 6, 2016 at 6:04 pm,
    Ebolan says:

    Go east young man? Putin offers free land for citizens & foreigners in Russia’s Far East


  3. On May 7, 2016 at 12:43 am,
    Birdman says:

    The MACD crossover on WTIC tells me that WTI is going to decline, Doc.

  4. On May 7, 2016 at 12:49 am,
    Birdman says:

    Just a small complaint about this interview guys but lately you all seem to change your outlook with the wind. There is no consistency if I am hearing you correctly. One day you are all positive as get out on metals and oil because of the market behavior on a single session and the next your outlook has turned dismal to negative. And every time you guys can rationalize the move with one indicator or another. I just hope you are not going to turn around later and tell everyone you “called it” because lately you are calling both sides of every trade like a wind sock depending on the mood of the moment. It’s interesting….but not helpful.

    • On May 7, 2016 at 12:56 am,
      Birdman says:

      Very sorry about that complaint. But you guys totally flip-flopped from yesterdays interviews and those earlier in the week. Its all mixed up emotions of hope and dread. You think maybe gold is about to break out now? Yesterday you saw gold falling back down and the outlook was close to depressing.

      Look at the charts. Did gold give an indicator of a new bull leg? No it did not. The rise could not even exceed 1300. Even the three candles in May are in a declining pattern. This looks like a set-up for gold to fall back next week (a sharp rise comes before a fall, especially prior to a weekend).

      Whatever. I didn’t learn anything new from this interview.

      • On May 7, 2016 at 9:59 am,
        Paul L says:

        People take 2 or 3 good or bad days and assume there is a trend change. The general markets refuse to fall and vix is falling hard and going lower which means the markets head back to 2100+ and it is just a matter of time.

    • On May 7, 2016 at 2:34 am,
      jonnalin says:

      Fiat monney Birdman ! You can’t predicte markets in corruption ! Hellfire in Canada !

    • On May 7, 2016 at 4:03 am,
      Dave says:

      You finally understanding wtf I am talking about?

      Listen, some of us are long gold since 255.00/oz. and silver since 4.50/oz. I suggest you figure out what they represent. They are the backbone of the financial system.

      I have seen just about everyone miss the entire move because of Precter’s negative wave count using his elliot wave crapola.

      There will always be someone on the other side telling you to sell, if you are bullish.

      You must IGNORE everyone. It can be very difficult to do. Gold is going to $5000.00/oz.
      and silver north of $100.00/oz.

      The question is how do we get there. I suggest you dollar cost average over time and treat your metals position as a savings account e.g. cash equialents.

      my previos comments as a reminder

      Chris. He has a negative bias toward goldbugs.
      exactly the point. It is not crucial at all. Especially when it comes to gold and silver.
      My concern is, your listeners get scared because of comments from Chris and Doc.
      Chris in particular constantly beats down those who want to protect themselves against the monetary madness of the John Maynard Keynes school of thought. e.g. goldbugs.
      One day they are bullish, next day bearish. At least that is how I interpret their comments.
      The risk is not being in the gold and silver markets, period.
      It can literally destroy you and your loved ones.

      • On May 7, 2016 at 9:23 am,
        Birdman says:

        That is not what I am saying Dave. What I am talking about is the emotional roller coaster that gold analysis has become lately. There are no positions being staked out by anyone. There is hesitancy and mixed feelings. Doubts prevail from one day to the next. Even the smartest guys are baffled by the signals so I can’t really criticize anyone.

        But that’s what the market is supposed to do I guess.

        • On May 7, 2016 at 9:39 am,
          jonnalin says:

          Birdman ? If i may ask you a question . Way all the gold boys and gold investmend advisers are pumping ( Ivanhoe mines ) ?

          • On May 7, 2016 at 10:16 am,
            Excelsior says:

            Franky – I like Ivanhoe Mines and have posted a few times on them in the past few months. Just search for Ivanhoe up above and you’ll find those commentaries & posts.

          • On May 7, 2016 at 10:20 am,
            jonnalin says:

            Sorry thank u !

          • On May 7, 2016 at 10:48 am,
            jonnalin says:

            I don’t see ! Can you make a resume Excelsior maybe thank’s . Aders ? Ivanhoe !

  5. On May 7, 2016 at 10:02 am,
    Paul L says:

    People especially pros have been too negative on oil judging based on fundamentals. It is not going to trade in the 30 to 45 range but in the 42 to 60 range as big money is pushing it higher.