Daily Market Wrap – Tue 16 May, 2017

USD Threatening a Breakdown

On the longer term charts the US dollar is threatening a breakdown to the low 90’s. If by the end of the month the dollar is down to 97 on the dollar index a further sell off is likely. The dollar is acting on its own recently and there are many factors why this could be happening.

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  1. On May 16, 2017 at 2:56 pm,
    spanky says:

    The May 10 candle in $gold was a big red flag to get out of gold.

    http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&b=5&g=0&id=p40863054702&a=524274665&listNum=1

    I agree with Gary Savage that gold should roll over here soon (maybe get to $1250 or so first, which is the 200 dma) and then plummet to mid to high 1100’s heading into the June FOMC. This is so predictable it isn’t funny.

    • On May 16, 2017 at 3:20 pm,
      OOTB Jerry says:

      Sad , the system is so corrupt………

  2. On May 16, 2017 at 3:11 pm,
    Tad says:

    Yep…… end of June. Then back up as many trucks as you can hire.

  3. On May 16, 2017 at 3:21 pm,
    OOTB Jerry says:

    Comey out with a memo………..this should get interesting……..Comey the scum bag

    • On May 16, 2017 at 7:25 pm,
      Markedtofuture says:

      Chaffetz Demands FBI Hand Over All Comey’s Notes, Memos, & Recordings Related To Trump

      Update: Jason Chaffetz office just released the letter sent to the FBI’s Andrew McCabe demanding all Comey-Trump related memos…

      http://www.zerohedge.com/news/2017-05-16/chaffetz-prepares-subpoena-i-will-get-comey-memo-if-it-exists

      • On May 16, 2017 at 9:54 pm,
        OOTB Jerry says:

        Trey Gowdy would make a great head of FBI……withdraws name from running, I think he wants nothing to do with a bunch of scum bags in the FBI….jmho

        • On May 16, 2017 at 9:55 pm,
          OOTB Jerry says:

          although , he did say some positive comments on Comey………

        • On May 17, 2017 at 3:29 am,
          Markedtofuture says:

          Trump Admits he Told Russia About Terror Plot on their Airline Flights & Schumer is OK with Innocent Peopl..Armstrong

          Trump has tweeted admitting that he had shared “facts pertaining to terrorism and airline flight safety” with Russian diplomats in an Oval Office meeting last week. No matter what he does, they will try to make a controversy out of it. Trump was certainly not doing anything illegal and the info appears to have involved another attack on a Russian airliner. I suppose Schumer, Graham and McCain have no problem with innocent passengers getting killed as long as it makes for headlines against Trump. We are watching politics stoop lower than ever in history.
          What we are really looking at is the Democrats and the Republican elite have joined forces to do whatever it takes to keep the corruption flowing in Washington and to resist any economic reforms. This is trying to keep everything as is. That is the real battle ground.
          The real question will be the Congressional elections next year. It appears that the elite Republicans prefer that the Democrats gain seats to prevent any real “drain the swamp” measures if more anti-establishment come to Washington in 2018. I would rather see any Democrat than Lindsey Graham or John McCain.

          https://www.armstrongeconomics.com/international-news/politics/trump-admits-he-told-russia-about-plot-to-down-one-of-their-airline-flights-again/

  4. On May 16, 2017 at 3:22 pm,
    OOTB Jerry says:

    Hope someone dumps the 600,000 emails on congress…….

    • On May 16, 2017 at 9:56 pm,
      OOTB Jerry says:

      HILLY…….should get her jail suit ready….if the emails come out…….

  5. On May 16, 2017 at 3:43 pm,
    OOTB Jerry says:

    ARMS DEAL…….$300BILLION…….$100BILLION to Saudi…….going to be good for the economy they say. Of course Israel will get some action ……….zerohedge

    • On May 16, 2017 at 3:44 pm,
      OOTB Jerry says:

      Petrobombs…….in lieu of Petrodollar……….

      • On May 16, 2017 at 3:46 pm,
        OOTB Jerry says:

        McCain should be real happy……money in the bank….coming his way…..

  6. On May 16, 2017 at 3:54 pm,
    CFS says:

    So Wikileaks admits it was Seth Rich leaked 44,000 DNC emails; NOT the Russians.

    So do we hear anything at all out of the Democrats apologizing?
    NO! They just double down, still attacking Trump.

    It’s time to really start investigating the Rich murder. BECAUSE, in all probability, IT WAS DEMOCRAT SCUM that arranged his MURDER.

    • On May 16, 2017 at 4:06 pm,
      OOTB Jerry says:

      Clinton body count up to 80………..Bix Weir today….

      • On May 16, 2017 at 4:22 pm,
        OOTB Jerry says:

        anybody can google ……Clinton Body Count………..good review if you are a HILLY FAN

  7. On May 16, 2017 at 3:59 pm,
    james says:

    Euro is UP WHY ?

  8. On May 16, 2017 at 4:50 pm,
    CFS says:
  9. On May 16, 2017 at 4:58 pm,
    CFS says:

    Canada: Passengers Can’t Be Removed From Overbooked Flights
    By ROB GILLIES – Associated Press – Tue May 16, 1:13PM CDT
    TORONTO (AP) — No one who has bought a ticket for a domestic or international flight in Canada will be allowed to be removed because of overbooking under a new passenger bill of rights, the transportation minister announced Tuesday.

    Minister Marc Garneau said the shoddy treatment of air passengers outlined in recent news reports will not be tolerated on any domestic flight as well as any flight leaving or arriving to Canada.

    He says said the rules would ensure “travelers are treated like people and not numbers.”

    The new regulation comes a month after cellphone video captured a passenger being dragged off a United Airlines flight in Chicago after he refused to leave his seat to accommodate airline crew members.

    Garneau said if airlines can’t get a volunteer with a minimum level of compensation, they will have to increase the amount offered.

    “When Canadians buy an airline ticket they expect the airline to keep its part of the deal,” he said.

    Minimum compensation standards would also be set for damaged baggage.

  10. On May 16, 2017 at 5:14 pm,
    CFS says:

    Comey and the FBI had the computer of Seth Rich, according to his parents.

    Thus Comey (or FBI agents) KNEW the DNC email leak was via Seth Rich.

    WHY, then, did Comey remain silent, when the Russians were accused of hacking into DNC emails?
    Why did he, Comey, allow Trump to be associated with the Russian tampering with the election, when he, Comey, KNEW the culprit?

    The logical conclusion is very simple…….Comey favors the Democratic party.
    Maybe, THAT WAS WHY COMEY LET HILLARY WALK!

    • On May 16, 2017 at 5:22 pm,
      JohnK says:

      I’ll tell you why CFS.
      James Comeys brother was the Clintons CPA.

      • On May 16, 2017 at 8:57 pm,
        CFS says:

        Well, both the Clintons should be spending the rest of their lives in jail for their many schemes involving drugs, guns and tax evasion.
        Why, on earth does not Trump drain some of the swamp already? There are so many bureaucrats a president usually replaces with and without confirmation and there are several hundred that don’t need confirmation that don’t even have nominations yet.

        • On May 16, 2017 at 9:49 pm,
          OOTB Jerry says:

          interesting that Clintons have a shipping line.for the demos…….convenient for shipping drugs and people

          interesting Choe has a shipping line.for the repubs…………….free labor ,

      • On May 16, 2017 at 9:11 pm,
        OOTB Jerry says:

        John……thanks for mentioning on Comey’s brother, keeps getting more interesting ….. his brother might have one of those accidents that people seem to have…….

  11. On May 16, 2017 at 5:21 pm,
    CFS says:

    Clinton back to Trafficking again?

    https://www.youtube.com/watch?v=I3xUsPvqtnA

    • On May 16, 2017 at 9:37 pm,
      OOTB Jerry says:

      Never ends……shipping drugs, …a regular crime family…..

      • On May 16, 2017 at 9:59 pm,
        OOTB Jerry says:

        America the Land of the FREE………400 illegals without IDs, found on Clinton Cargo Ship.

        • On May 16, 2017 at 10:01 pm,
          OOTB Jerry says:

          Actually, in Baltimore there is plenty of vacant housing……Clinton may have promised them free housing, and govt support once in the city….Baltimore a democratic ran city, one you can be proud of……..

          • On May 16, 2017 at 10:03 pm,
            OOTB Jerry says:

            zerohedge had a great article on Baltimore crime city the last couple of days…..

  12. On May 16, 2017 at 6:04 pm,
    Matthew says:

    The large and steeply rising bull-to-date pitchfork has provided the support that gold needed recently:

    http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=3&mn=7&dy=0&id=p20411053744&a=493344771

    • On May 16, 2017 at 6:13 pm,
      Matthew says:

      Moving average and fork resistance starts at about 1247 tomorrow but gold technically looks like it will get through it. Nevertheless, that would be a good level at which to trim or hedge related positions if you’re nervous.

      http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=2&dy=0&id=p90645053289&a=510073191

      • On May 16, 2017 at 8:15 pm,
        confused says:

        Matt, if the UDS really starts to do what Donald Dump wants it to, won’t gold rip higher as this happens? It sounds like this could be soon. So many quality pm stocks which are already a multi-month bottoms will rip big fast and hard.

        • On May 16, 2017 at 9:53 pm,
          Matthew says:

          Gold is not always negative correlated with the dollar but, in this case, I think it would do well. The gold/silver miners would do much better.

        • On May 17, 2017 at 5:57 am,
          confused says:

          I would also add that should the FED NOT raise in June, USD gets smoked and PM’s rocket back up to last years high and possibly to Rick’s $1462 target.

          • On May 17, 2017 at 7:10 am,
            Matthew says:

            Gold rallied over 31% last year from its bear market low after the Fed raised for the first time in ten years. It then rallied 12% after last December’s hike and 8% following the March hike.

            Gold went up 25-fold in the 1970s and interest rates were rising the entire time. The dollar will weaken whether it weakens against other currencies or not. In other words, its purchasing power will continue to fall.

          • On May 17, 2017 at 8:03 am,
            OOTB Jerry says:

            ditto on the fall……….

      • On May 17, 2017 at 7:42 am,
        Matthew says:

        Well, gold did get through that resistance and it did so quickly.

  13. On May 16, 2017 at 6:22 pm,
    Matthew says:

    It’s safe to assume that many trend-followers have been stranded on the wrong side of SLV by this week’s action…

    http://stockcharts.com/h-sc/ui?s=SLV&p=W&yr=4&mn=2&dy=0&id=p11377684099&a=521684160

  14. On May 16, 2017 at 6:25 pm,
    Matthew says:

    I’d be surprised if the dollar can right itself by Friday’s close…

    http://stockcharts.com/h-sc/ui?s=%24USD&p=W&yr=3&mn=9&dy=0&id=p16776230967&a=524044172

  15. On May 16, 2017 at 6:28 pm,
    Matthew says:
  16. On May 16, 2017 at 6:38 pm,
    Matthew says:

    The “reverse symmetry” chart I posted months ago is still holding up…

    http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=6&mn=2&dy=0&id=p55828161752&a=501128971

    • On May 16, 2017 at 6:52 pm,
      Chris from Oz says:

      Appreciate your continued input from down under Matthew
      Cheers
      Chris

    • On May 16, 2017 at 8:10 pm,
      Excelsior says:

      Thanks Matthew. I liked that reverse symmetry chart when you first posted it and it was nice to see the updated chart.

    • On May 17, 2017 at 7:05 am,
      Tad says:

      Yes. Me too. Thanks for the charts M. They make more sense to me as time goes on.
      🙂

    • On May 17, 2017 at 7:10 am,
      OOTB Jerry says:

      Interesting chart…….thanks………glad I looked……….

  17. On May 16, 2017 at 9:53 pm,
    CFS says:

    Latest USAWatchdog:

    https://youtu.be/mtPNM-iJ5w0

  18. On May 17, 2017 at 5:28 am,
    OOTB Jerry says:

    I expect this site to pick up some extra viewers since Gary S….is leaving for summer vacation until Aug…….going rock climbing……… real nice keeping his fans on the ledge… 🙂

  19. On May 17, 2017 at 5:30 am,
    OOTB Jerry says:

    1250……50 day moving average…….gold is looking real good…..they say it is the comeygate effect………. 🙂

  20. On May 17, 2017 at 5:36 am,
    BDC says:

    “GLD: A Trendline Study”
    http://www.trendlinemagic.com/2017/05/gld-trendline-study.html
    Trendline Magic!

  21. On May 17, 2017 at 5:48 am,
    OOTB Jerry says:

    anybody got 51cents……..to break the 50 day………….. 🙂

    • On May 17, 2017 at 6:03 am,
      OOTB Jerry says:

      Thanks to anyone who chipped in the $2.50 …..crowd funding…………gold now $1252

      • On May 17, 2017 at 6:04 am,
        OOTB Jerry says:

        washing machine in agitation cycle………… 🙂

  22. On May 17, 2017 at 5:49 am,
    Ozibatla says:

    97 mark looks to be a key region for the dollar. If that fails, I wonder if we see a fall into the low 90s? Surely that would imply a good upsurge in the PMs. But due to the summer doldrums I just cant see that happening

    • On May 17, 2017 at 5:52 am,
      Bob UK says:

      This gold / silver rally is looking a tad stronger than I thought it would be I have to admit. I thought it would have bounced and turned back down before getting this high.

    • On May 17, 2017 at 5:58 am,
      OOTB Jerry says:

      I believe this summer will not have the usual “doldrums”……..political wise, comeygate, russiagate, clintongate, obamagate, pedogate, turkeygate, syriagate, saudigate,israeligate,
      eurogate, bankogate, yellengate,shumer/pelosi/mccain/gahramgate……..a lot of gate to go thru……….OOTB………….:)

      • On May 17, 2017 at 5:59 am,
        OOTB Jerry says:

        FEARGATE ……gold going up……………

        • On May 17, 2017 at 6:34 am,
          OOTB Jerry says:

          IMPEACHMENTGATE………demowits……running their mouths off before they have the evidence………Green calling for impeachment?

      • On May 17, 2017 at 6:48 am,
        Bob UK says:

        How can I invest in Gate. Is there a GATE ETF? LOL

        • On May 17, 2017 at 7:00 am,
          OOTB Jerry says:

          🙂

          • On May 17, 2017 at 7:02 am,
            OOTB Jerry says:

            We will be coming out with the GOLDEN GATE FUND at anytime…….only investing in bridges to nowhere., quit claims provided upon request……………lol

        • On May 17, 2017 at 7:07 am,
          Tad says:

          Ha ha…. Excellent.

    • On May 17, 2017 at 6:34 am,
      confused says:

      OZ,
      Now only IF those “summer doldrum” were always consistent every year, then I’d be with ya.

  23. On May 17, 2017 at 5:52 am,
    OOTB Jerry says:

    Banks now have………$222 TRILLION in DERIVATIVE Exposure…………zh

  24. On May 17, 2017 at 6:06 am,
    OOTB Jerry says:

    Silver now needs to pop…………….$17………

  25. On May 17, 2017 at 6:09 am,
    OOTB Jerry says:

    Here is a good one AOL news…………Trump told Comey to jail reporters…… LOL

    • On May 17, 2017 at 8:01 am,
      Bonzo Barzini says:

      I wiould chuckle if Trump napalmed the Washington Post, CNN, the Boston Globe, and the NY Times

      • On May 17, 2017 at 8:10 am,
        OOTB Jerry says:

        just strike a match to the swamp gas……..

  26. On May 17, 2017 at 6:34 am,
    spanky says:

    Gold will top out some time this week probably. It could get to $1260 by next week though. IIRC that level would give it a nice symmetrical head and shoulders on the daily chart.

    • On May 17, 2017 at 7:23 am,
      Wolfster says:

      No offence but didn’t you just say yesterday or the day before that it would top out at $1250 on a bounce and then the bear continues

  27. On May 17, 2017 at 6:38 am,
    OOTB Jerry says:

    Trump should just fire Yellen now………that would really tick off the DEEP STATE……

  28. On May 17, 2017 at 6:44 am,
    Steven Rowlandson says:

    “On the longer term charts the US dollar is threatening a breakdown to the low 90’s. If by the end of the month the dollar is down to 97 on the dollar index a further sell off is likely. ”
    What is this ? A global game of jerk off debt investors and holders of currencies based on debt and not equity? It ought to be obvious to everyone that there is no political will to pay down government debt from tax revenue or even pay it down at all. The powers that be are playing for time at the expense of savers and honest investors. Someone needs to pull the plug and end this criminal farce.

    • On May 17, 2017 at 6:53 am,
      Matthew says:

      When you have a private, debt-based currency, it’s impossible to pay down the debt without changing the monetary system.

      • On May 17, 2017 at 7:32 am,
        Chartster says:

        True, and changing the system is happening.

  29. On May 17, 2017 at 6:51 am,
    BDC says:

    “JNUG: An E-Build Study”
    http://www.trendlinemagic.com/2017/05/jnug-e-build-study.html
    “A trading range peak of 22.50 is possible – maybe more.”

  30. On May 17, 2017 at 6:54 am,
    OOTB Jerry says:

    What are Buffet indicators saying about gold……..zh……….looking good if you use the indicators…………….

  31. On May 17, 2017 at 7:33 am,
    Chartster says:

    It will be interesting to see if gold closes above 1245 today. If it does, it’s going to head higher…

  32. On May 17, 2017 at 8:01 am,
    OOTB Jerry says:

    $1260………looking good………

    • On May 17, 2017 at 8:02 am,
      OOTB Jerry says:

      BUFFet indicator is on……..buff up the metals…..

  33. On May 17, 2017 at 8:14 am,
    OOTB Jerry says:

    FREAKEN >>>>>WALTER JONES (R)…..is going to go along with dems on signing an IMPEACHMENT bill…………..A**

    • On May 17, 2017 at 8:15 am,
      OOTB Jerry says:

      see zerohedge

    • On May 17, 2017 at 8:16 am,
      OOTB Jerry says:

      OWL call that IDIOT>………..

      • On May 17, 2017 at 8:21 am,
        Chartster says:

        He is who we thought he was!
        I knew it!

        • On May 17, 2017 at 8:33 am,
          OOTB Jerry says:

          You bet……..I think we had an indication several years ago…….Military , was the first clue
          his district is Military bases…….

          • On May 17, 2017 at 8:34 am,
            OOTB Jerry says:

            McCainlite………

          • On May 17, 2017 at 8:43 am,
            OOTB Jerry says:

            L. Graham from the same state…….like duh

          • On May 17, 2017 at 8:47 am,
            OOTB Jerry says:

            I LIKE GOWDY, (R) SC, …hope he does not turn……but, he did say Comey was ok,

          • On May 17, 2017 at 8:49 am,
            OOTB Jerry says:

            Hope you got to hear Gowdy on FOX New with Martha Maclum(sp)……

          • On May 17, 2017 at 8:50 am,
            Chartster says:
          • On May 17, 2017 at 9:07 am,
            Matthew says:

            Isn’t L. Graham McCain’s girlfriend?

          • On May 17, 2017 at 9:17 am,
            OOTB Jerry says:

            Chartster……..thanks for the post on FBI……VERY INTERESTING, ..

          • On May 17, 2017 at 9:18 am,
            OOTB Jerry says:

            Matt……..they are just KISSING COUSINS……..

          • On May 17, 2017 at 9:19 am,
            OOTB Jerry says:

            Matt…..all kidding aside……L. looks a little fruity……(to hell with PC)

          • On May 17, 2017 at 9:25 am,
            Matthew says:

            Fruit of the Loon?

          • On May 17, 2017 at 9:27 am,
            Matthew says:
          • On May 17, 2017 at 9:32 am,
            OOTB Jerry says:

            good one…………..

  34. On May 17, 2017 at 8:16 am,
    Matthew says:
  35. On May 17, 2017 at 8:22 am,
    Bob UK says:

    Well, this run has caught me completely out of miners. I must stop looking at the AG chart otherwise my head is going to explode.

    I was expecting lower lows in the run up to the June Fed meeting so, for now, I sit on the sidelines… fuming…

    Good luck to those making money out of this run.

  36. On May 17, 2017 at 9:08 am,
    BDC says:

    Does anyone know what happened to Silver Wheaton?

  37. On May 17, 2017 at 9:18 am,
    Matthew says:

    If the current move extends, GDX could add a dollar quickly:

    http://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=2&dy=0&id=p40041464476&a=515567263

  38. On May 17, 2017 at 10:04 am,
    Matthew says:

    It is pretty hard to get too concerned about the big picture when looking at this chart:

    http://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=6&mn=10&dy=0&id=p81832425943&a=484019228

  39. On May 17, 2017 at 10:08 am,
    Matthew says:
  40. On May 17, 2017 at 10:32 am,
    Matthew says:

    Despite the corrective action that began last year, SIL is still worth 115% more SLV than it was at last years low. That’s bull market action.

    http://stockcharts.com/h-sc/ui?s=SIL%3ASLV&p=D&yr=1&mn=5&dy=13&id=p66611147665&a=523525464

  41. On May 17, 2017 at 11:13 am,
    spanky says:

    Another pathetic day for the miners on a day gold is up $20+. If that doesn’t scream sucker’s rally, I don’t know what would.

    • On May 17, 2017 at 11:26 am,
      Matthew says:

      Spanky, big gap-ups and resistance levels have conspired to blunt the miners’ performance today. Not only that, they’ve gotten ahead of themselves both in dollars and against gold. GDX was up 10.5% versus GLD this morning since I said that heavy accumulation was appropriate on May 4th.

      This is the 6th straight day higher for the miners, I think they’ve earned a break.

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