A closer look at Copper and GDX
Another relatively slow day in the markets but there are some chart levels and formations that deserve attention. Today I look at the Copper and GDX charts (GDX chart below) to outline some levels and future moves over the next month.
I hope everyone has a great rest of their day.
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Not so bad. Maybe the next quarter they lose on one billion. Of course a big 750 million bonus was paid out.
Sounds like New Gold.
That’s not good. How the heck did they lose that much money?
IPO’s can get crazy valuations. Just ask the sellers that left the retail bagholders in the dark.
The 2.2 billion loss is nothing to do with the IPO price though – it is a loss on their books. I can only assume they are building out infrastructure.
Bob UK – When shares drop like that it is a “Valuation” from the marketplace. People holding from higher levels just had their value go to “Money Heaven” .
We see those kind of liquidations on a daily basis in the thinly traded mining shares, so it’s what makes a market – a buyer and seller.
Could easily lose 50%. 23% down already in the after market.
Rick’s comments on his site this morning are interesting. Has a sub-15 buck target.
Did Yelp and Snapchat signal the top?
I realized the company had lower earnings but Snapchat clearly was a bloated hog of an IPO and the marketplace is forward-looking.
It would seem Social Media stocks (which are really just glorified advertising portals) are more Huff than Puff. Some of them are starting to find out what gravity is like.
A poster on ceo summed it up so well:
@lukejackson – “To all the millennials who bought $SNAP and just got their faces ripped off, hi and welcome to trading”
SCAM………SNAPSCAM …..
Obama Takes Private Jet, 14-Car Convoy To His $3.2MM Climate Change Speech
While we’re certain that Obama’s motivation to appear in Milan had absolutely nothing to do with the $3.2 million he pocketed, but rather was born out of a pure concern for Mother Earth, we do find his travel arrangements, in light of those genuine environmental concerns, somewhat ironic.
Obama what a sham……………
He SOLD OUT…….Change you can believe in……change in the pocket…..
Can you spare some change?…. Can you change a spare?…. Spare me your Change
change is good……change for change sake……..
David Bowie – Changes
Good one………good morning pick me up……….. enjoyed……. 🙂
Ilisten to the speech. He spent a quarter of the speech thabnking people and there was no substance in the rest of the speech, just platitudes and warnings, without background facts.
Was there ever any substance to his speeches ………
“Astonishing Numbers”: US Wages Peaked With Boomers Born In 1942
Using wage and salary data from the federal Social Security Administration, a new study finds that real wages in the U.S. peaked with Baby Booomers born in 1942 and have been steadily declining ever since.
http://www.zerohedge.com/news/2017-05-09/new-study-real-american-wages-peaked-boomers-born-1942
Boomer should not be the last……..Big Corporations and govt insiders need to go down.
(SLW) Silver Wheaton Announces Election of Directors and Approval of Special Matters Including Change of Name to Wheaton Precious Metals Corp.
May 10, 2017 /PRNewswire/ —
COMEY REACTIONS: Trump Trolls Schumer, Olbermann Explodes, Assange Teases New Leaks
Cory, talking about copper without mentioning the mine closure in Indonesia (Grasberg) and the oust of Gina Lopez in the Philippines makes no sense to me. You are analysing a market with one eye closed.
Paul,
I think he was referring to the $copper and COPX charts. And they do look like they are about to get a nice bid. Which still could be considered, one eye closed…I guess?
One eye on the charts, one eye on fundamentals. People keep talking about Dr Copper and how it tells about the fundamentals of the economy. This is often true but you can’t ignore the news when the largest copper mines in the world have been threatened with closure. The same goes for nickel. Nickel moved 5% the day the Philippines said they would shut the mines down. The charts meant nothing yet I am sure there are people who will say it was predicted by the chart pattern. Imagination is a wonderful thing.
http://allstarcharts.com/wp-content/uploads/2011/07/duck-ta.jpg
Paul, powerful players always know things before the public does and they position themselves accordingly. That positioning impacts the charts.
Based on how the charts look right now, it wouldn’t surprise me if copper now goes a little lower than many expect but the big picture remains positive.
http://stockcharts.com/h-sc/ui?s=%24COPPER&p=D&yr=1&mn=6&dy=0&id=p46250406295&a=487154642
It did find some fork support this week:
http://stockcharts.com/h-sc/ui?s=%24COPPER&p=W&yr=4&mn=2&dy=0&id=p74811898150&a=523146040
That is not always true. The world nickel prices moved 5% immediately after the Gina Lopez announcement in the Philippines. The closure of the Grasberg mine also caught many people off guard.
But we will never know who might have been positioned for that move. News or not, markets always catch most people off guard.
Without a good chart (which stockcharts does not offer for nickel), I can’t say if there were any clues or not. Of course, the better chartists will pick up things that the rest of us miss.
How’s the gold bugs!? I said it makes a good door stop…that’s about it.
Trade it and that’s it. All the crap I heard from the fear mongering about the end of the dollar…..the stock market would crashing ect…Meanwhile the last 4 years everything soared including houses weed and bitcoin ect ect. Bob Moriarty is an idiot…period.
I remember hearing years ago here. “things are going to get even worse then I think”
What did I say here 2 and 3 years ago…..Gold = Doorstop. Crypto is in and old gold bugs are idiots. I’m retired at…at 51… Buy real producing asset and sleep tight.
Hartford ,CONN prepares for bankruptcy……who would think. Filing for chap.9…zerohedge
Jordan Roy-Byrne – The Bearish Bull
Metals Investor Forum May 2017: #MIF #Gold Real Interest Rates
editor of The Daily Gold, discusses when he thinks the bull market will truly take off.
Brien Lundin – Where is Gold Going?
Metals Investor Forum May 2017: #MIF
editor of Gold Newsletter, discusses the short-, intermediate-, and long-term pictures for gold.
Jay Taylor – Is the T-Bond a Judas Goat?
Metals Investor Forum May 2017: #MIF
editor of J. Taylor’s Gold, Energy & Tech Stocks, discusses the U.S. economy and GDP.
Sean Brodrick – Gold’s Ready to Cycle Higher
Metals Investor Forum May 2017:
contributor to Uncommon Wisdom Daily, explains why he sees gold going higher.
Eric Coffin – What Do You Really Think?
Metals Investor Forum May 2017:
editor of the HRA Journal, discusses current macroeconomics and how it will affect the junior mining sector.
Joe Mazumdar – Too Big to Fail? A Review of Major Gold Producers
Metals Investor Forum May 2017:
Co-Editor of Exploration Insights, discusses gold supply and major producers.
The Gwen Preston and John Kaiser videos were already posted yesterday, but investors should keep an eye on the “Beneath The Surface” YouTube channel, as they be posting different company presentations from the Metals Investor Forum over the next few days.
Some great info from JOE…….I like his thoughts on ,location of assets in safe areas.
Yes, agreed. I believe that Joe had one of the better presentation and his comparison of the Majors was a real eye-opener in a few areas.
Ditto…….I have to agree……”a real eye- opener”
NEWS>>>>>>> BIG OWL finally made it on the FSN…Kerry Lutz program….finally hit the big time……… 🙂
As happens so often, the trend line break for GDX looks like it’s going to be a failure but it needs to finish the week a bit higher than the current level (22.39).
http://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=4&mn=2&dy=0&id=p91106251771&a=523215249
Aiding the bullish case, we’ve got a bear-trapping break of the March low followed by an island reversal…
http://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=2&dy=0&id=p20592078810
$gold left behind a very rare (for $gold) black candle yesterday. It is yet another sign that the trip back down will makes new lows and break the neckline on a well-defined H&S. While it is possible to leave black candles behind, I put the odds at less than 1%, especially based on history when these candles pop up on $gold daily and weekly charts..
Gold might go a little lower but the very nice positive divergence in the miners keeps me from worrying about it.
That H&S pattern is not going to work out for you.
I don’t understand why you place so much significance on black candles, spanky.
They are uncommon on the gold chart. But looking back over the past 10 years of daily charts, I don’t see much predictive value in them.
https://www.youtube.com/watch?v=ApMNVMD61HI
about silver
Gary S……out with some great comments on the second half of the yr….caution going into next few weeks.
Gary at:
https://youtu.be/k5g25mrcevo
Yen/gold overlay. Decide for yourself.
http://stockcharts.com/h-sc/ui?s=%24XJY&p=W&yr=5&mn=0&dy=0&id=p18763438669&a=523227680&listNum=1
What’s to decide? The correlation is well-known but hardly useful. Both are coming off of oversold daily chart readings.
25% Of Snapchat’s Market Cap Just Disappeared On Whopping $2.2 Billion Loss
SNAP’s first earnings release since going public is shaping up to be a disaster, with the stock un-popping after hours, and 25% of the company’s market cap disappearing in seconds.
http://www.zerohedge.com/news/2017-05-10/20-snapchats-market-cap-just-disappeared