Are these markets historically boring?
With Rick Ackerman today we take a look at the US equity markets and how boring they have been this whole year. We also touch on the GDX chart and a recent move that while only temporarily took out a prior peak still makes Rick bullish on the move.
Click download link to listen on this device: Download Show
hat happened to CDE?
http://stockcharts.com/h-sc/ui?s=CDE
Lost 3 cents per share after paying off 50+ mil debt during a period of record production.
Rick, Doc, and Matthew, last week when NGD got hit, Doc said it could fall to 2.00, and Rick said it might even go to 1.80 It fell to 2.4 and then got up to 3.07 today before falling to 2.95 After all that do you think that 2.40 was the low, or do you still think it could go to 2.00?
Here’s what i said before its final plunge when it was still around $3.00:
On January 30, 2017 at 11:23 am,
Matthew says:
I don’t follow NGD but the drop looks like an overreaction to me. The support levels shown on the following chart are 2.91, 2.83, and 2.41 for this week.
http://stockcharts.com/h-sc/ui?s=NGD&p=W&yr=3&mn=3&dy=0&id=p08355047488&a=503103050
I don’t think it will do any worse than to test that support one more time – but I doubt that it will even manage to do that.
Thanks, Matthew. Your call of support at 2.41 was right on the money. If NGD can start up Rainy River in sept. their production will go from 380K oz of gold to over 700k oz, and if they can start the Blackwater project later that will take their production up to over 1.1 million oz. With gold at 3K or 5K this could be a $50 stock or more.
BB; I feel NGD is still at risk. It may recover a little bit but I’m not purchasing here, especially with the way gold is struggling. A lot of the PM stocks look at risk technically here.
BB; having said that I’m going to look for an entry point here soon with a small wager. Then if we move down further I’ll add. Right now the TA is pretty neutral
Thanks, Doc. I’ll wait as I already own a lot of NGD which I rode from 4 to 14 and then way down to 1.80 and then back up to 6 and then down to 2.4 and back up to 3. Wish I was a better trader. It’s been a wild ride!
Bonzo, most people should not attempt to trade a bull market. A lot of people blew it last year because they failed to recognize that a bull market behaves much differently than a bear or range-bound market.
like I said a year ago, focus on the weekly chart because the big money will ignore the daily chart just as non traders ignore the 60 minute.
There’s downside risk here, but not much. Pullbacks are for buying – my strong opinion, not advice.
http://stockcharts.com/h-sc/ui?s=%24XAU&p=D&yr=1&mn=1&dy=13&id=p12796594786&a=505401244
That Schiff fork appears to be “working!”
Thanks, Matthew. If Rainy River and Blackwater pan out, NGD could be a 20-bagger from here if gold goes to 3K or 5K, and all the pain of holding NGD the last few years will be forgotten. I’ll hold on like the Old Turkey.
Brent Cook and Eric Coffin felt NGD was strapped with Rainy River in that blog today. You may go to that link below and scan back up to look for that part of the conversation.
What does “NGD straddled with Rainy River” mean? Can it be fixed?
They probably meant to say that NGD is saddled with Rainy River – to mean burdened.
I’ll bet a higher gold price would fix it.
Yes, correct.
NGD got New Afton up and running without a hitch, so I thought they were savvy.
If they can fix Rainy River and then open Blackwater they will be a great long term investment with long lived mines in Canada, Australia, and California. And Blackwater could grow.
Matthew this is correct on your assessment with rainy river. BB there companies out there at a bargain that when much higher gold prices come they will already be trading much higher. You buy now not later as Matthew says. Buy when there is fear! This correction today was so obvious anyone could see. To me it looks like retooling and resetting. But one thing is clear, treat every company individual by there own chart and cycles. Some clearly have topped for now and others still need catch up.
Hi bb
I’ve had ngd probably longer then most here! So your not by yourself and I’ve ridden her up and down as well and I really don’t sweat it. You see for me ngd is a long term play with a true vision and what I consider a top CEO. Someday you may end up being bang on that this will be a $50 dollar stock. Until then keep adding what you can at extreme lows.
Thanks, Glendfidish, I have owned NGD many years too and am not selling. I’m just wondering if I should buy more soon or wait like Doc. Several years ago Pierre Lassonde said he thought NGD could go to 60, so I did not sell it @14 He forgot to say that it would drop down to 1.80 first and that Rainy River would cost Oliphant his job.
McDonalds gets the Crabs.
SAN JOSE, Calif. (AP) — McDonald’s is planning to launch a crab sandwich in the San Francisco Bay area.
The fast good giant says the sandwich consists of snow crab meat mixed with mayonnaise and served with tomato and lettuce on a sourdough bun. It says it worked with San Francisco chef and former “Top Chef” contestant Ryan Scott to create the sandwich.
It’s currently being tested in four restaurants in San Jose, California. If the company gets positive feedback, it says it will launch the sandwich in 250 Bay Area restaurants later this year.
Gold correction appears to be ending. Silver already positive.
******IMPORTANT*******
Hey – it just dawned on me to share this link while the good ideas are flying back and forth.
John Kaiser, Brent Cook, Joe Mazumdar, Eric Coffin, and Tommy are live chatting about tons of different drill plays and mining companies with over 100 people in the room over at CEO. Check it out and make sure to scan back up through all the old comments.
Cheers!
* There are some really interesting, funny, and helpful tips these guys are giving out.
Here’s just one snippet out of hundreds in their conversation feed:
@Brent_Cook – “We will know the man is running up the bell tower to ring the bell when the likes of the deposits that First Mining Finance $FF and Goldmining $GOLD get financed to build, or those deposits bought by majors. The rising starts shortly thereafter. ” about 2 hours ago
@JKaiser – “Those two companies have alternative fact names.”
Or this little snippet:
@tommy – “And how will we know we’re in a bull market?” about 2 hours ago
@HRA-Coffin (Eric) – ” I think it’s a bull market – but nothing like some of the past ones we’ve seen. Will take a while for that to develop. ” about 2 hours ago
@JMNorthShore (Joe) – “We are seeing some financings of junior explorers being upsized considerably. Given that the gold price is still around US$1235 so definitely a lot of investor interest in the upside potential. ” about 2 hours ago
@Brent_Cook – “Agree, precious metals look good for the year. It is going to get really weird down here in the US” about 2 hours ago
@JKaiser – “PDAC curse only occasionally gets violated as in last year. Will be an interesting test this year. ” about 2 hours ago
@tommy – “No PDAC curse last year. A pleasant surprise around here! I am still a child of the bear market and can’t have enough cash…. ” about 2 hours ago
@JMNorthShore (Joe) – “The fact that we have not had some of the large financings from producers or streamers/royalty companies suggests that the institutions are also ready to put some money in earlier stage plays.”
Great stuff, Ex. Lots of great ideas in there and those guys are among the best in the business. Gold, Zinc, Copper are on the upswing. Nickel is also a story that is mostly under the radar.
http://www.mining.com/nickel-hits-3-week-high-philippine-mine-closures/
http://www.infomine.com/investment/nickel
Few people in the market anymore, individuals anyway.
That I believe.
The only thing I trade are the 2x ETF’s such as Russell 2000 symbol UWM which is up 3.06% as of now, the NAZ 100 ETF symbol QLD is up 1.02%, Dow symbol DDM is up 1.57%, S&P 500 symbol SSO is up 1..38%. I’ve tried buying the inverse ETF’s of these ETF’s but the market kept wanting to melt higher so I no longer do that. You gotta get it and get out while “they” let you.
The Gold ETF I trade is GLD which is down 2.23% right now and I believe it’s the first day this week that it’s pulled back. May end up buying GLD near the close today. It has over 37 million volume which is huge for an ETF.
I’m not trading any oil ETF’s but do trade the Energy Section ETF symbol IEZ which is up 1.16% as of now.
Rick…thanks for your daily market commentary.
For you day traders silver stock CDE is down about 21% as of right now.
Wowzers. Thanks for the heads up Steven John. What’s going on?
Coeur Mining’s outperform rating reiterated at Raymond James Financial, Inc.. $11.75 PT.
Ahhh – thanks Matthew. I’ve been tied up in meetings and that then live chat thing on CEO that I posted up above.
People are crazy if they don’t go back and read through today’s session with Kaiser, Cook, Mazumdar, and Coffin going off on stocks/commodities/financing/life.
Life is crazy……….handle life one day at a time…….
Very true OOTB.
Tried to get a dead cat bounce but the dead cat didn’t bounce on CDE today.
It’s a heavy cat.
sure was. will be interesting to watch where it lands tomorrow
ha! yes….a lead cat bounce
For those following cde Thom calandra makes mention of it along with royalty plays and much more….
http://thomcalandra.com/all-of-it-rolls-roys-sic-virginia-farming-africa/
Nice write up on ssv
http://www.goldinvestmentletter.com/blog/
Rjk explorations and Winston gold write ups
http://www.streetwisereports.com/pub/na/rjk-and-winston-hit-big-gold
Yesterday @ the close I bought Gold ETF symbol GDX at $24.91 then this morning it went down to $24.60 and now it’s up to $25.10. I’m watching the live chart now and it’s pinging all over the map. The US dollar is moving lower as GDX moves higher.
Copper/Gold stock FCX up now to over 5% where as yesterday it got hammered.
Silver stock CDE back up 1.7% after yesterday’s beating.
Meanwhile way down under….
https://www.youtube.com/watch?v=sxFyNiFnIlw