Chris Temple’s morning market commentary
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The shorts attacked at the 50 day S&P level but the market bounced back to well above that level, now 2090. The last of the shorts are getting run over.
It is possible that BREXIT could still fail without a further vote.
Never forget the unelected technocrats in charge of the EU will not give up without a major fight.
The EUROZONE will collapse but every effort will be made to delay it.
It is over CFS. Stop arguing a point that only the nutters in the UK are arguing.
Teresa May does not have the b*lls to fight it out, and two years is a long time.
Of course, but for now “this too is passing”. Notice that I said for now.
The terrorist attack on Ataturk airport was performed by ISIS-organized Chetchen Russians.
The country of Turkey will try to obfuscated this info, in order to place the blame
On Syria or Kurds.
Isis is Isis.
Obamas’s “ISIL” IS ISIS!
ISIS = Israeli Secret Intelligence Service
Meanwhile in the UK, Cameron in semi-retirement already, was persuaded by May and Gove to further postpone decisions on a new London airport runway.
Some interesting moves today….MUX, TRX, FNV, LAC.TO, but things are tending to get overbought again, as in some oil stocks.
http://stockcharts.com/h-sc/ui?s=LAC.TO
Also Pretium
http://stockcharts.com/h-sc/ui?s=PVG.TO
Do I detect that some of the depressed big miners are moving?
Rio Tinto, BHP, Vale, etc.
Silver up again, as I posited yesterday, my one week winning streak!…on a serious note as I said yesterday, I can smell it, I think Matthew and Excelsior can see it too, not a TA person, just looking at the way the wind blows, so I would never advise anyone to invest on my thoughts
Nigel..I don’t understand why there isn’t more euphoria about silver. We have waited four years for a positive move and when it arrives there is no conversation. I know Bird is in hiding because he is a bear but there are a lot of bulls on this site and they are silent…could be they are waiting for the other shoe to drop….
Other TA sites (and Matthew, too) are saying that a weekly close of silver above $18.50 may actually be THE FINAL hurdle for everyone to admit this is a PM bull market. Although some bears have move the goal posts for gold to US$1365-ish on a weekly close.
Let’s see how the week ends.
Pretty good point Brian.
Gator.. The euphoria will come eventually. 🙂
Do you remember Rick’s comments this morning about silver?
Nigel
If you recall the move from $8-50 in silver, this move is nothing. A drop in the ocean. Could this be the start? Not sure. But I remember people in my social group were singing about gold and silver. I havent heard a peep in four years from them. It’ll happen again. The big thing is not getting overwhelmed by it. It has a way of making you think it’ll run forever.
If you look at the daily chart…. AG formed a nice inverse head and shoulders between 16 and 18. Since it broke through 18 and since the pattern calls for a breakout equivalent to the depth of the pattern……..we call expect $20 Ag near term !!!! How is that for enthusiasm!!!!!!!!!!!!!!!!!! Cramer actually meantioned Silver Wheaton on CNBC today
Hi Jerrryck, I agree, this move is nothing much, but then maybe, just maybe, it is the start of something. I totally agree regarding not getting overwhelmed by it, it is what it is
Hi Gator, I think the problem is even the ‘bulls’ don’t really believe it, my ‘I can smell it’ is if the bulls aren’t enthusiastic…then probably silver is about to soar, trouble in UK is they charge you 20% value added tax on silver but nothing on gold, so you have to be pretty confident silver is going up big time
We agree again; even the bulls don’t believe it. That’s a good thing because when they finally do, a high of some significance will be near.
Theralese disappoints, again.
End-of-June deadline missed.
With the MSM in his back pocket, Obama Administration gets away with murder.
Fast and Furious operation
, RUN BY OBAMA, sold guns in Mexico which killed dozens of Mexicans.
Now one of those was used in Paris massacre, 11/13/16
Obama, J’accuse.
CFS..he has been getting away with things like this from the first day he was elected. Nothing this scum bag of a president does should surprise anyone..
CFS, I don’t even pay attention to him anymore.
I have advocated silver in this forum for a long time.
Just see my comments at the top of this page today for how I currently feel.
That was using fundamental analysis,
I’m not a good chartist, but I can and do read charts for timing.
Looking at the charts for price and volume in silver:
http://stockcharts.com/h-sc/ui?s=%24silver
It is apparent that it is probable that silver will soon become overbought.
Of course, something can remain overbought for a long time, but it also tends to dampen enthusiasm.
This is the reason I voted to get out of the EU.
http://www.zerohedge.com/news/2016-06-30/caught-film-juncker-disappears-farage
This is the head PONCHO, responsible for telling millions of Europeans what they can, & cannot do…..The fecking alcoholic prick.
Irish, I believe any logical-thinking person would always vote for leave.
But power is in the hands of bureaucrats, who have selfish, self-serving motives.
I doubt Cameron, a moderate conservative and relatively honest person for a politician, would have originally offered a referendum if he did not believe it would lose.
snapshot of silver stocks:
Sym Name Weighted
Alpha Last Change Percent High Low Time Links
AXU Alexco Resource Corp +312.18 1.64 +0.09 +5.81% 1.66 1.51 15:07
SLW Silver Wheaton Corp +65.98 23.59 +0.77 +3.37% 23.59 22.77 15:07
SSRI Silver Stand Res +155.66 12.97 +0.41 +3.26% 12.98 12.57 15:07
ASM Avino Silver & Gold +130.13 2.43 +0.08 +3.40% 2.45 2.36 15:07
MGN Mines Management +30.54 1.11 +0.03 +2.78% 1.11 1.07 15:06
AG First Majestic Silver +288.97 13.49 +0.37 +2.82% 13.52 13.03 15:06
HL Hecla Mining Company +142.38 5.07 +0.13 +2.63% 5.09 4.90 15:07
PAAS Pan Amer Silver Corp +119.27 16.42 +0.38 +2.37% 16.43 15.94 15:07
BVN Compania Mina Buenaventura S.A. +59.31 11.90 +0.26 +2.23% 11.97 11.53 15:07
FSM Fortuna Silver Mines +136.83 6.99 +0.11 +1.60% 7.01 6.81 15:07
MAG MAG Silver Corp +72.94 12.49 +0.19 +1.54% 12.61 12.21 15:02
EXK Endeavour Silver Corp +108.38 3.90 +0.01 +0.26% 3.97 3.81 15:07
TAHO Tahoe Res Inc +51.62 14.88 +0.04 +0.27% 15.00 14.54 15:07
GPL Great Panther Silver Ltd +201.78 1.65 -0.03 -1.79% 1.74 1.62 15:07
Aurcana Corporation (AUNFF)
0.2540 Up 0.0196(8.38%) Jun 30, 3:42PM EDT
IMPACT Silver Corp. (ISVLF)
0.6003 Up 0.0443(7.97%) Jun 30, 3:56PM EDT
Nicola Mining Inc. (HUSIF) -Other OTC
0.12 Up 0.01(5.28%) Jun 30, 3:32PM EDT
Barrick sold off all noncore assets a while ago, now it’s Newmont’s turn:
http://www.wsj.com/articles/newmont-mining-to-sell-indonesian-mine-for-920-million-1467285254
Also other assets…
It’s all about platinum in the last two days, up $50.
Dick Tracy – In the past we’ve discussed Wellgreen Platinum and I think I remember you mentioning it the other day. (WGPLF) is one of the PGM stocks I own and have been a fan of for a while, and have tried to post on it regularly when the PGMs come up in discussion. The last few days have been really fun, and today’s move brought a smile to my face.
Wellgreen Platinum Ltd. (WGPLF)
0.3930 Up 0.0830(26.77%) Jun 30, 3:59PM EDT
http://stockcharts.com/h-sc/ui?s=WGPLF&p=D&yr=0&mn=6&dy=0&id=p79937185502
There was this news yesterday….
___________________________________________________________________________
Wellgreen Platinum Announces Participation by Resource Capital Fund VI L.P. in Private Placement
VANCOUVER, June 29, 2016 /CNW/ – Wellgreen Platinum Ltd. (TSX: WG; OTC-QX: WGPLF) is pleased to announce that Resource Capital Fund VI L.P. has indicated that it intends to participate in the Company’s previously announced private placement of common shares at a price of C$0.30 per common share.
Excelsior, Yes, Yes, to all you are pointing out! I think I will do what Jerry alluded to the other day and Doc always mentions and that is to tighten up my Bollinger bands and go for two long walks today. I find it helps in stretching the brain membrane as well, remember the endorphins. Have a great day, I enjoy reading your posts. DT
Matthew
Could you give us your thoughts on silver chart and the silver:gold ratio chart, please?
Looks to me like the RSI and MACD on silver leave lots of room to run up, but historical S&R around this level ($US18.5-19.0)
Brian
Silver looks superb, Brian. What I said yesterday pretty much covers it:
“Silver looks great against the dollar for the short, medium, and long term and looks almost as strong even when priced in gold.”
I left some charts that will show today’s action shortly…
http://www.kereport.com/2016/06/29/market-wrap/
I agree with you that there is plenty of room to run.
WOW ! Broke through $US 19 tonight !
Silver at $19.17
Gold at $1333
The metals have shown resilience and strength. Getting exciting!
I mentioned Bob Friedland a couple of days ago.
Those interested might look at:
http://www.cordobaminerals.com/s/Home.asp
This is a company that started trading in the US just 2 days ago.
Not a recommendation, just a heads up. (Although I did buy some shares)
Last Friday:
On June 24, 2016 at 1:10 pm,
Matthew says:
The HUI was capped by the 233 month MA at 245 and the 233 month EMA at 240 today but still managed its highest weekly close since August, 2014.
Is anyone ready for a melt-up?
http://schrts.co/IgLQsQ
The HUI did manage to finish the month above the 233 MA and EMA as well as the monthly chart Bollinger Band (!)…
a steep trajectory up for sure. I am getting a bit concerned that because of the move up with such intensity, that there may be a hangover after the party. At what point do you think the miners and metals may run into real resistance?
There will be short term pullbacks but the weekly chart says that this is probably the start of another big move higher.
Back in January or February, I said that we probably would not see the sector correct significantly until the fall and I still think that will be the case.
Here’s a chart that I posted in April:
As I completely expected, the MACD never did give the sell signal that it looked like it would just a month ago.
Ex, Point & Figure bullish price objective on the 29th of $25.50.
$25.50 for Ag
$1519 bullish price objective for Au. On the Point & Figure
Matthew…it has the feel it had 2010-2011. There is mass amounts of fuel in shorts on the comex. Time will tell.
Like the HUI, silver also closed the month above the monthly Bollinger Band. It looks better now than it did in either 2010 or 2003.
I’ve been saying Natural gas would outperform oil for over a year. My trades have reflected that.
Any companies that you like in particular in the Nat Gas space?
Excelsior, one of my favorites is Canacol energy, (CNE-TSX) it is a good performer steady and safe, but it lacks the shock and awe of more risky juniors but I think it will soon go over $5 at which point the institutions will enter it’s space. DT
Excelsior, while I am on this rant could you give me your two favorite picks at this moment in the junior exploration market, the commodity doesn’t matter. The markets are getting my blood moving. Thanks DT!
It looks tome that LBMA has a physical shortage in silver, due to BREXIT buying of physical.
We could see a significant change in the slope of the rise in silver price.