Gold, oil, and higher targets for US equities… Where is the money coming from?
Rick Ackerman is with us today to discuss his outlook for gold, oil and the US markets. His higher targets for the US markets are noteworthy and he is sticking by his targets for oil. As for gold this move down is corrective and would remain so even if it continues a fair bit lower.
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What the continuation pattern might look like in the daily chart:
Gold price volatility as low as 8+ denoted a change of trend. The last change of trend based in volatility occurred before the protracted low in the gold price at the end of 2015.
You can throw a dart at almost anything and it goes up. This market should head to new highs. I expect 2200 to 2300 before the end of the year.
I bought Twitter 3 cents from the bottom and VRX close the bottom too today. Added more cisco yesterday in the after market. My Intel position is up sharply as well as my big BP position.
I also added HPQ 2 cents from the bottom.
“There are no people in the market”
Rick – your off the cuff statements that have no basis in reality you should try to curb.
I know plenty of people (as in individuals) in this market and making money.
It is mainly machines with unlimited bank accounts buying and selling based on technicals.
Everyone man or machine should be buying or selling based on technicals
Foxconn replaces 60,000 workers with robots, China has the manufacturing and they are replacing workers jobs at an astounding rate with AI. The robots are outsourcing every type of work, lawyers, doctors, bus drivers, and nobody cares because they believe it can’t happen to them. China no longer has a cheap labor market that distinction goes to the country with the most robotic machines.
http://www.bbc.com/news/technology-36376966
Here’s an exchange I had with a ‘liberal’ friend the other day on the topic of automation. We have a hard time finding common ground.
GH: http://anonhq.com/wendys-autonomize-6000-locations-fight-wage-increases/
GH: An inevitable trend, but one that will be accelerated by rising minimum wages. What’s the solution? At the collective level I don’t know. At the individual level, seek to be someone that can’t be replaced by a machine.
Friend: Tax the shit out of the wendys ceos who will pocket the saved $. Put in tax incentives so the cost of machines r same as labor.
GH: wow. so no more automation in society?
Friend: The increase in productivity is distributed to maximize econ growth. Ie away from the 1 pct hoarders and banks.
What we may be seeing is a ‘throwback’ over the continuation pattern for the daily gold price chart:
http://thepatternsite.com/throwbacks.html