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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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.
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
The 20 day MA is about to cross below the 200 day MA:
http://stockcharts.com/h-sc/ui?s=%24USD&p=D&yr=0&mn=9&dy=0&id=p18939458195&a=518967108
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?
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.
Take a drink Cory !
China is the test bass ! People’s will flee to Virtual Reality ! And comity SUICIDE ! ( The Youngsters ! https://www.youtube.com/watch?v=Hr4RBHlYrMk
Epstein End of Day
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
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
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.
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…
the test is over……..no $1050………jmho
Why I do not post anymore ….
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.
Please keep sharing your thoughts! Bob was just joking. It’s all about the emoji 😉
…Because good old fashioned traders are dinosaurs….
Some pretty ugly looking reversal candles put in yesterday in PMs and GCC. Just another factor militating toward this being a sucker’s rally.
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.
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.
great point…….appreciate…………J
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
No problem……everyone needs a break from time to time………