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Welcome!

The markets are focused on one thing and one thing only… Brexit!

June 20, 2016

A bit of a different market wrap today as everyone was unavailable. It’s only I, Cory sharing some of my insights on what we saw today. I discuss the open and how it reflects investor sentiment and overall reactivity to the Brexit vote. I also take a look at the US charts, gold and the US dollar. Please let me know what you think and tomorrow we should be back with everyone else.

Have a great rest of your day!

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Discussion
32 Comments
    Jun 20, 2016 20:10 PM

    Thanks CORY.

    Jun 20, 2016 20:16 PM

    Good stuff. I agree, quiet until the 23rd.

      Jun 20, 2016 20:25 PM

      DGHH…I’m voting out…..But have put a bet on to remain, whatever the result is I win.

        Jun 20, 2016 20:25 PM

        I too am for OUT Tony, but nobody wins here since Europe’s going down regardless.

    Jun 20, 2016 20:35 PM

    Volatility has eased off substantially the last 3 trading sessions as things have simmered down.

    I had another nice little gain in SVXY, which is an ETF proxy that shorts the VIX.

    ProShares Short VIX Short-Term Futures (SVXY)
    55.54 +3.49(6.71%) NYSEArca – As of 4:00PM EDT

      Jun 20, 2016 20:36 PM

      Of course, things may get a bit more turbulent as the week progresses, so I’m keeping a close eye on volatility and may be toggling between TVIX and SVXY accordingly.

        Jun 20, 2016 20:25 PM

        Cory – Thanks for going it solo today. Good thoughts.

    Jun 20, 2016 20:43 PM

    Britain and America must look at their past to see how to succeed. Back to the days when they were propelled by hard work and not money printing. It’s an old idea but one that should be new again. DT

      Jun 21, 2016 21:21 AM

      Hard work and thrift no longer pays thanks to real estate price inflation and white collar crime in the investment markets. Fix the problem and then may be hard work and thrift will be seen as a viable approach to being better off.

    Jun 20, 2016 20:43 PM

    Wales 3 – 0 Russia.

    Welsh population 3 million. Russian population. 144 million.

      Jun 20, 2016 20:54 PM

      In World Cup play, why don’t Wales, Scotland, England, and Ulster pay as one British team as they do at the Olymics? They are all under one PM and one currency. Imagine if Germany or Spain split its team into 4 teams.

        Jun 20, 2016 20:55 PM

        Um, because Germany is one country and the UK is 4 countries in one.

          Jun 20, 2016 20:29 PM

          Then why doesn’t Britain have 4 different armies?

            Jun 21, 2016 21:41 AM

            Um, the ‘United’ in United Kingdom bit.

    Jun 20, 2016 20:52 PM

    A ton of “shooting stars” on the charts today. Not bullish!

    LPG
    Jun 20, 2016 20:01 PM

    Must watch 39mn video / Raoul Pal – RealvisionTV
    https://www.realvisiontv.com/landing/raoul-pal

    Whoever is serious about investing his/her money should have a subscription to that site.

    RealvisionTV = best bang for the buck online platform in Finance. Nothing comes remotely close. NOTHING. N-O-T-H-I-N-G.

    Best to all,

    LPG

      Jun 20, 2016 20:28 PM

      LPG – Thanks for the link to realvisiontv. I like getting Raoul Pal’s perspective and have checked out their site in the past based on your recommendation. Good stuff.

        LPG
        Jun 20, 2016 20:14 PM

        Welcome Shad.
        Hope all’s well.
        Best as always,
        LPG

    Jun 20, 2016 20:14 PM

    Cory
    Regarding gold, you said it, we are in a totally different market than last year. Silver and the miners had good bids today. To me it all suggests if there is weakness, it won’t last long. Gold’s distraction from Brexit should be short lived, if not done already. Gold’s about debt, negative rates, a weakening economy.

    Jun 21, 2016 21:19 AM

    Something I can’t figure: how does Something as big as God work on a human being and the end result is a self-important Anglican middle manager?

      Jun 21, 2016 21:27 AM

      BRH….Are you being naughty ?

    Jun 21, 2016 21:41 AM

    No. I’m being serious.

    Let’s suppose there is an all-powerful supernatural creative force – call him ‘God’ – that works changes in human beings. Is the end result of such a transformation more likely to be 1) somebody who comes across like a crazy old testament prophet preaching doom on an evil world or 2) somebody who comes across as rather smug and a self-advertising in the knowledge of superior approval and having got it more right than the rest of us?

    If I had to choose one or the other I would think that it is more likely that real transformation by something so big and out of this world that it defies imagination could – not always but could – produce a person like Trader Jake that seems half-crazy to the rest of us.

    The archdeacon seems to be strikingly comfortable in the assumed holiness of his Anglican garments but I can’t help thinking if that is the end result of supernatural working in a person then either God isn’t as all-powerful and supernatural as he is cracked up to be or the archdeacon isn’t doing it right.

    That’s a lot of lines. Too many. Back to back row heckling.

      Jun 21, 2016 21:38 PM

      Holy smoke Heckler, that should be copyrighted and published.

      That’s some really good gospel right there.

      The goats garments are made to look like a sheep. He’s an
      imposter. Give him his walking papers.

    Jun 21, 2016 21:46 AM

    Cory,
    Man! You have come a very long way in just one short year. Your analysis and technicals are super and you have truly become your own man. Please don’t misconstrue this a condescending….I really just want to cite your improved grasp of several aspects of your job. You have certainly put in a lot of work and it shows. You are an inspiration to slacker like me. Cheers.

      Jun 21, 2016 21:51 AM

      +1 Agreed confused.

      Cory good work on continuing to develop your trading skills, economic analysis, and interview questions. It probably doesn’t hurt to get personal tutoring from Doc, daily time with Rick A. and Chris T., coaching from Big Al, and you have the very good fortune to surround yourself with some of the legends in the PM sector.

    CFS
    Jun 21, 2016 21:20 AM

    I just find it hard to believe the total amount of scaremongering going on for remain in England right now.
    BBC is blatantly pushing out pure propaganda, while “appearing” to be neutral.

    WAKE UP BRITAIN.

    do you seriously believe the EU will reduce trade with the U.K.?

    They just want to maintain their bureaucracy…….they will still maintain free trade. The U.K. IS THEIR BIGGEST TRADING PARTNER IN EUROPE.

    Jun 21, 2016 21:34 AM

    Did you know that the French people want out of the Euro MORE than the English? The Germans are like the U.K 50-50 split. Now this is interesting as it won’t be too long before before all major stake holders will eventually be forced to re-order this arrangement. The idea of pairing down the core E.U into 2 sectors, with the North holding a “hard” Euro currency centred around Germany and the South holding a “soft” or lower based one might an alternative to the current system. The severe haircuts will abound and look very ugly for at least 6+ years. Not sure what else they can do.

    Jun 21, 2016 21:48 AM

    Seabridge Gold Completes Acquisition of SnipGold Corp.
    TORONTO, June 21, 2016

    http://globenewswire.com/news-release/2016/06/21/850203/0/en/Seabridge-Gold-Completes-Acquisition-of-SnipGold-Corp.html

    Jun 21, 2016 21:11 AM

    Minera Alamos Inc. Advances La Fortuna with the Acquisition of Mineral Processing Plant
    TORONTO, ONTARIO–(Marketwired – June 21, 2016)

    http://www.juniorminingnetwork.com/junior-miner-news/press-releases/1547-tsx-venture/mai/21300-minera-alamos-inc-advances-la-fortuna-with-the-acquisition-of-mineral-processing-plant.html

      Jun 21, 2016 21:16 AM

      This acquisition of the processing plant is a big deal for Minera Alamos. Here are few interesting passages in that press release above:

      ___________________________________________________________________________

      “The Company is finalizing the optimal configuration of the components for inclusion in the La Fortuna Pre-Feasibility Report due later this year. A construction decision is pending the completion of a formal economic assessment by management.”

      Highlights:

      Acquisition of core plant assets significantly reduces the capital requirements for the construction of a high gold-recovery processing alternative at the La Fortuna project — Under the new approach being considered, the Company anticipates an approximate 50% increase in production rates at the same mining rate (see Press Release June 14, 2016);

      Provides the opportunity to reduce the project construction schedule and significantly enhance overall project economics to be detailed in the Company’s Pre-Feasibility Report due later this year;

      New mill equipment is extremely well suited for the flowsheets being considered and provides sufficient capacity for future production expansion at the site as other historic areas of known mineralization are also developed into resources; and

      Surplus equipment assets not under consideration for La Fortuna may be appropriate for use at the Company’s Los Verdes copper project in Sonora, Mexico.

      The acquired assets include three grinding mills and motors, floatation and thickener mechanisms, a filter press and a significant inventory of pumps and motors. Also included is a complete package of electrical starters as well as spares, maintenance equipment and other related items. The mill was built originally to process in excess of 2000 tonnes per day and had been disassembled and packaged for transport by the previous owner. All items have been well maintained and remain in storage in Canada, ready for shipment to Mexico later in the year for refurbishment and upgrades. The entire package was purchased for a significant discount at a total cost of CDN$750,000.”

      About Minera Alamos

      Minera Alamos is a junior exploration and development company. Its growing portfolio of high-grade Mexican projects includes the La Fortuna open pit gold project in Durango and the Los Verdes open pit copper-molybdenum project in Sonora, both currently in development.

    Jun 21, 2016 21:29 AM

    NexGen Energy Ltd. – Hole AR-16-78c4 Assay Returns 37.5 m at 17.60% U3O8 including 5.5 m at 60.14% U3O8
    VANCOUVER, June 21, 2016

    http://www.juniorminingnetwork.com/junior-miner-news/press-releases/622-tsx-venture/nxe/21296-nexgen-energy-ltd-hole-ar-16-78c4-assay-returns-37-5-m-at-17-60-u3o8-including-5-5-m-at-60-14-u3o8.html