“Today is the most significant day for the markets in a while”
This morning with Rick Ackerman we look at the selloff in the US equity markets. The markets have been slowly rolling over and although it can be very hard to short this bull market that is now in it’s 9th year Rick has some tactics to be protected. We also get his updated targets for gold which the recent rally has Rick a bit more bullish.
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Apple coming out with a new RED iphone, ….must be a Russian backed model……zh….lol
Comey promises to investigate at first opportunity………fn…….
fn = fake news….
DIA priced in GLD doesn’t look good at all:
http://stockcharts.com/h-sc/ui?s=DIA%3AGLD&p=D&yr=1&mn=0&dy=13&id=p88994824614
Wish I could remember who it was that was guessing dow 30k .
Not that it matters I guess.
Doc figures gold down, kwn James Turk says silver $50.
Mr Turks chart shows a cup and handle he figures is significant.
1277 from 1200 is kinda up and away.
Warren Bluff it………hopes for $30 k……
oops….”.$.”…
a couple of years ago…..C A Fitts…..said the market would crash UP, …she was correct, that the market did go Up, from 10k dow, The market should have rolled over then. I have also read someone calling for 30-40K dow, I can not remember who said that either.
B:
That was Harry Dent back in 2000
eehhh, thanks Bob.
Guess that means $400 gold is around the corner. lol
Gold has stalled at fork resistance in the 1244 area (chart will update to show today’s action this evening):
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=5&dy=22&id=p49118882251&a=444055643
Nice chart. I love the grey down-trending fork. Worked out well. I noticed that the $1120 low of Dec 2016 was at the intersection of three of your forks and also meets my big fork, so 4 forks met there. Wow.
http://1000gold.blogspot.co.uk/2017/01/gold-pitchfork-worked-treat-1120-target.html
I also had your up-trending fork that started in Dec 2015. There was fascinating action on the lower line of that fork in that month. I see gold is just poking slightly back in to that fork at $1246.50 when you took the picture.
I don’t watch the fork resistance very closely but that is a nice bounce off the bottom. Thanks for sharing Matthew!
I liked that December low, too. Notice that it happened where three forks intersect (at the bottom of two and top of one).
Now let’s see if price can stay above the fork resistance (now support) that it got through yesterday.
AMZN does not look good…
http://stockcharts.com/h-sc/ui?s=AMZN&p=D&yr=1&mn=0&dy=13&id=p49941940219
Bezo……might be some push back to his model….since it is known to everyone now that all merchandise , conversation are being tracked by big brother. Big sister says, she is not going to let big brother be in charge of her wardrobe……….
GDX is poking through fork resistance:
http://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=2&dy=0&id=p40514814155&a=512868197
GLD has been capped by the 600 day EMA but probably not for long:
http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=9&dy=0&id=p86690170708
If $gold does get to ricks first target at $1256, it is going to put some pressure on bears/wanna be longs for sure.
A move to $1277, his second target, would be amazing and would be a signal that the bear is really dead, IMO.
It’s doing that right now, in my opinion. The Dow & SPY are down 1% while gold is up 1% and GDXJ is up 3%.
GLD daily:
http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=11&dy=22&id=p34222871468&a=501110067
Thank goodness for the pullback in general markets as I FINALLY got my escape hatch today on (UVXY). Now I can finally redeploy some funds into other stocks I’ve been watching.
I was able to trim back the position substantially, but did leave a micro-position in place at a much lower cost basis just in case we get some real follow through in volatility as the week progresses. I plan on selling this remaining portion this week though.
It’s actually been a busy day in the markets for me as I re-balanced a number of positions in my portfolio today. It’s been a nice relief rally in a number of stocks that allowed me to lighten up a little and average down in a number of other positions and get everything in much better overall distribution. It’s been a good day after all.
Good to hear Excelsior. It’s a good feeling to be able to reallocate! Especially when these stocks are starting move up but have yet to take off…
Barkerville Gold drills 7.5 m of 12.3 g/t Au at Cariboo
2017-03-21 08:20 ET – News Release
Mr. Chris Lodder reports
BGM INTERSECTS 12.30 G/T AU OVER 7.50 METRES AT ISLAND MOUNTAIN
Barkerville Gold Mines Ltd. has released additional results from the continuing 130,000-metre phase II Island Mountain exploration drilling program at the company’s flagship Cariboo gold project. The company is currently exploring and delineating Island Mountain with seven drill rigs and has relocated an eighth rig to the Valley zone which occurs between Cow and Island Mountains.
PREMIER REPORTS MINERAL RESOURCES AT MCCOY-COVE
Premier Gold Mines Ltd. has released an updated mineral resource estimate for the company’s 100-per-cent-owned McCoy-Cove property, located 32 miles south of Battle Mountain in Lander county, Nevada. The estimate, completed by RPA Inc. of Toronto, Ont. (with an effective date of March 21, 2017), is the culmination of a very successful multiyear exploration and delineation drilling campaign by Premier that focused on the Helen, CSD Gap and 2201 zone target areas.
The table provides a summary of the mineral resources at McCoy-Cove. Highlights of the estimate include:
Total indicated mineral resources of 614,000 tonnes grading 11.57 grams per tonne gold (228,000 ounces of gold), an increase of 59 per cent versus the 2013 resource estimate
Riverside, Centerra trench 105m of 0.492g/t Au at Glor
2017-03-21 09:23 ET – News Release
Dr. John-Mark Staude reports
RIVERSIDE ANNOUNCES TRENCHING RESULTS FROM PARTNER-FUNDED PROGRAM AT THE GLOR GOLD PROJECT
Riverside Resources Inc. is providing an update on the progress of partner-financed exploration being conducted with Centerra Gold Inc. at the Glor gold project, located approximately eight kilometres west of Alamos Gold Inc.’s El Chanate mine in Sonora, Mexico. The 2017 exploration campaign commenced at the end of January with a program of mechanical trenching that is still continuing. Thirteen trenches with a combined length of 2,026.2 metres have now been excavated by a heavy-duty excavator. This work was completed in the northeastern portion of the project and focused on the Pitaya and Alamo-La Joya targets. The trenching work builds on the 2016 soil geochemistry survey and rock-chip sampling of bedrock outcrops, which identified a number of gold anomalies (see Riverside’s press release dated Feb. 15, 2016).
GLD is looking good from many angles:
http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=1&mn=4&dy=0&id=p54594625450&a=513961902
Zinc Market Outlook – First Quarter 2017
January 30, 2016 – Metal Prospects – RBC Capital Markets
http://cdn.ceo.ca/1cd2obq-RBC%20Zinc%20Market%20Outlook_30.1.17.pdf
Added a bit more (LEU) and (LTBR) as they are more focused on the downstream #Nuclear fuel side of the equation and less concerned about mining #Uranium at current spot prices.
Here’s a good article a buddy sent me:
________________________________________________________________________
Uranium Stock (LEU) with Multi-Pronged Investment Thesis The Market May Not Understand
Equities Research | Tuesday, 21 March 2017
The Dow now @ 20720 is back to where is was on February 21. Nice sell off. GDX has been performing better.
Looking at selling my Inverse Russell 2000 2x ETF symbol TWM and then buy the Russell 2000 2x long ETF symbol UWM since it’s down around 4%. Last time it was this low was Feb. 2.
not going to get too excited. Just more churn in the miners, but at least we haven’t gone straight down.
So many people are watching the longterm downtrend line in gold that basically corresponds to the declining 50 month MA, coming in around $1253 now. If we can ever manage to blow through that level, we should be in good shape. Until then, just more twists and turns.
Good points spanky. Also consider the 200 day MA is just above that level at 1,262… The thing I don;t like about the 50 month MA is how quickly it is moving down. From what I have learned is that a MA that is moving up (if even slowly) is much more bullish. First thing first though breaking the 50 month and staying above it so that it will bottom out eventually. Then the market will really be set up to run.
Thanks for the comment.
I have been waiting for a good downturn. I have been in all cash for many days.
Hey Paul, are you talking about US markets or PMs?
The US markets. I try to stay away from PM’s as much as possible.
AG and EXK acting pretty pathetically into the close.
Most of the precious metals up on my screen with the exception of FCX. It’s always
down where others are up it seems. I don’t own it.
1307……needed before bull can call home on the range……jmho