Daily Market Wrap – Mon 15 May, 2017

Updates on the US markets, Gold and GDX

We did not see the US markets breakdown further today but the move up has not turned the charts bullish. As for the metals, silver had a nice day and gold was up but the stocks gave us a real mixed bag. Starting the day nicely up then pulling back for 3 hours to turn and close just slightly up. As positive as anyone would like to get we remain range bound but thankfully the lower part of the range is $1,200 and above.

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Featuring:
Cory Fleck
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Comments:
  1. On May 15, 2017 at 2:32 pm,
    OOTB Jerry says:

    No problem……everyone needs a break from time to time………

  2. On May 15, 2017 at 3:09 pm,
    Bob UK says:

    Not convincing this move up in gold or silver.

    The UK Press is reporting security services saying that NK is behind this cyber attack – i think they are desperate to attack NK and this sounds like a flase flag or fake news… just like the lies told to get us to support attacking Iraq.

    If ‘they’ are going to such trouble then I fear that some kind of attack on NK is not far away. Probably should buy PM’s for that reason alone.

  3. On May 15, 2017 at 3:11 pm,
    Matthew says:

    The dollar had another bad day and looks like it is about to go significantly lower. The technical deterioration foreshadowed this weakness before the uptrend line was broken the first time a few weeks ago.

    http://stockcharts.com/h-sc/ui?s=%24USD&p=D&yr=1&mn=2&dy=13&id=p24827756090&a=522681468

  4. On May 15, 2017 at 3:16 pm,
    proudcanuck says:

    Martin Armstrong projects the dow going to 42000 in time, following a rise to 23000…he says that’s because institutions need retail to come in a bigger way to offload their shares. Your thoughts?

    • On May 15, 2017 at 3:23 pm,
      Bob UK says:

      Retail does not have the money to come in – the big boys have pumped up stocks so high that it is just madness to buy now IMPO.

  5. On May 15, 2017 at 3:17 pm,
    james says:

    Take a drink Cory !

  6. On May 15, 2017 at 3:18 pm,
    proudcanuck says:
  7. On May 15, 2017 at 3:36 pm,
    CFS says:
  8. On May 15, 2017 at 5:13 pm,
    Matthew says:

    Silver closed above the 600 day MA today but was capped by fork resistance:

    http://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=1&mn=0&dy=0&id=p20255960547&a=521142744

  9. On May 15, 2017 at 7:42 pm,
    Brian says:

    Everything I analyze says this: Silver, gold, and PM stocks are at a turning/inflection point (moving upward, very gradually). It may not seem apparent until Fall, 2017.

    I have picked my top ten PM stocks; now, I shall wait. Oh … and the 10% in physical PM.

    Oh … #1 more thing. Theralase.

    Brian

    • On May 15, 2017 at 8:09 pm,
      Bob UK says:

      You should have told us the top ten list – and then we all could have gone out and bought them and the price of your stocks would soar 🙂

      That is what the gurus do on TV.

    • On May 16, 2017 at 10:50 am,
      Cory says:

      I share the same timeline as you Brien, fall of this year at the earliest. Even though the metals are not screaming higher gold continues to put in higher lows in a grinding fashion. If you have the metal strength to hold and even buy on the big dips it could be very lucrative. This is all assuming the gold dose not break down and test the $1,050 low…

      • On May 16, 2017 at 12:13 pm,
        OOTB Jerry says:

        the test is over……..no $1050………jmho

  10. On May 15, 2017 at 8:24 pm,
    Brian says:

    Why I do not post anymore ….

    • On May 16, 2017 at 2:14 am,
      Bob UK says:

      Get over yourself. Try and develop a sense of humour. I was only joking with you – hence the smiling emoji in my post.

      Seriously, get over yourself.

    • On May 16, 2017 at 10:51 am,
      Cory says:

      Please keep sharing your thoughts! Bob was just joking. It’s all about the emoji 😉

  11. On May 16, 2017 at 12:46 am,
    Archdeacon (!) Andrew says:

    …Because good old fashioned traders are dinosaurs….

  12. On May 16, 2017 at 6:52 am,
    spanky says:

    Some pretty ugly looking reversal candles put in yesterday in PMs and GCC. Just another factor militating toward this being a sucker’s rally.

  13. On May 16, 2017 at 6:56 am,
    spanky says:

    I will say this, the 5 minute charts have looked better than the daily charts, which by Matthew’s logic is net bullish (I assume). If the first week in May marked the ultimate bottom, never to be visited again in our lifetimes, I am a monkey’s uncles.

  14. On May 16, 2017 at 7:24 am,
    Matthew says:

    It’s not my logic but just the way it works. Charts of least degree turn first. It’s like dominoes falling. Just keep in mind that the shorter term the chart, the faster it “vibrates” or completes a cycle. So a 5 minute chart will switch from bearish to bullish and back to bearish very often when compared to a daily or even 30 minute chart. Cycles are a bit like Russian dolls — there are cycles within cycles.

    https://en.wikipedia.org/wiki/Matryoshka_doll

    • On May 16, 2017 at 9:14 am,
      OOTB Jerry says:

      great point…….appreciate…………J

  15. On May 16, 2017 at 7:51 am,
    CFS says:
  16. On May 16, 2017 at 8:13 am,
    Matthew says:

    SGDJ is outperforming GDXJ by more than 1% today and is now a much more appealing ETF (that i still do not own).

    http://stockcharts.com/h-sc/ui?s=SGDJ%3AGDXJ&p=D&yr=0&mn=5&dy=13&id=p17470001063