Daily Market Wrap – Wed 17 May, 2017

Cory and Big Al opine on the market closing numbers.

Ouch, a three hundred and seventy seven point drop in the Dow today!

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Featuring:
Al KorelinCory Fleck

Comments:
  1. On May 17, 2017 at 3:14 pm,
    CFS says:

    http://www.cbsnews.com/news/doj-appoints-special-counsel-in-wake-of-comey-developments/

    Why was no special prosecutor appointed to investigate Hillary?
    Why was their no special prosecutor appointed for Pizzagate?
    Why is their no special prosecutor appointed for Fast and Furious?

    Because Trump is a wishy-washy incompetent amateur.

    • On May 17, 2017 at 4:23 pm,
      Chartster says:

      CFS,
      The DOJ hired Mueler to make the swamp happy. Mueler will find no evidence, as there is none….I’m sure Mueler is put there to keep an eye on McCabe as well. The DOJ can focus on more pressing matters, like draining the swamp! It’s a good move IMO. And second guessing Trump hasent really worked out for anyone, now has it?!

      • On May 18, 2017 at 5:01 am,
        OOTB Jerry says:

        ditto…..on the swamp happy…….

        • On May 18, 2017 at 5:37 am,
          OOTB Jerry says:

          THE BIG WITCH HUNT IS ON………….Trump tweets his comments concerning special prosecutor., which I think are legitimate ….WHY DIDN”T THEY APPOINT A SPECIAL PROSECUTOR FOR HILLY,

          • On May 18, 2017 at 5:46 am,
            OOTB Jerry says:

            Comey did not do his JOB to begin with………

      • On May 18, 2017 at 5:40 am,
        OOTB Jerry says:

        Does anyone in their right mind think….a deep state creature is going to be fair…..DOJ, FBI………FBI did not do their JOB ON 9/11, Pizza gate etc……like duh

        • On May 18, 2017 at 5:41 am,
          OOTB Jerry says:

          JUST Keep the Sheeple happy…………lol

        • On May 18, 2017 at 5:41 am,
          OOTB Jerry says:

          Just RElease the 600,000 emails…………..

        • On May 18, 2017 at 5:42 am,
          OOTB Jerry says:

          How about some WEINER stories surface……..

        • On May 18, 2017 at 5:43 am,
          OOTB Jerry says:

          Unseal OBAMA’s SCHOOL RECORDS

  2. On May 17, 2017 at 3:18 pm,
    CFS says:

    How about a special counsel for Obama failing to enforce border laws?
    How about a special counsel for Obama over the Iran deal deal and his illegal fly-by-night plane-load of money?

  3. On May 17, 2017 at 3:22 pm,
    CFS says:

    But are Comey’s memos truthful or deliberately-written lies to be vindictive?

    • On May 18, 2017 at 5:47 am,
      OOTB Jerry says:

      I am going with lies to cover his A**

  4. On May 17, 2017 at 3:25 pm,
    CFS says:

    Cory, there is a lot of international money moving OUT of the US because of over-valuations.

    That is why the dollar is going down.

  5. On May 17, 2017 at 3:28 pm,
    Ugly but proud says:

    Gold was up today because the Japanese yen got a major safe haven bid.

  6. On May 17, 2017 at 3:37 pm,
    james says:

    Change ? Yes we can ? Trump ? Al WHY you still ? https://www.youtube.com/watch?v=vqYJRc0TJkQ

  7. On May 17, 2017 at 4:05 pm,
    CFS says:
  8. On May 17, 2017 at 4:06 pm,
    russell s hamilton says:

    Al Its reality time. Comey was smeared , and has notes that show Trump lied [ AGAIN ] The Repubs will have to remove him the Dems cant they dont have the power . Trump will Resign , or be Impeached by end of 2017. He cant control himself, and is not the efficient businessman he said he was. Prayfor Sanity. .

    • On May 17, 2017 at 4:33 pm,
      CFS says:

      It’s a he said —he said situation.

      Comey has lied in the p[ast and shows democrat-leaning bias.

      Trump also has lied in the past.

      SO WHO IS NOW actually telling the TRUTH?.

      • On May 17, 2017 at 4:51 pm,
        CFS says:

        It is interesting that if Comey thought there was any Obstruction of Justice or may now claim this, he has committed a violation of U.S. code by not reporting it immediately to the U.S. Attorney General. (It will be interesting if his “memo” self-incriminates him.)

        • On May 17, 2017 at 4:55 pm,
          CFS says:

          Correction: Replace Attorney General with Dept. of Justice.

          • On May 17, 2017 at 4:58 pm,
            CFS says:

            Comey apparently has a track record of multiple lies to favor Democrats according to a book about to be published in July. (Author Gonzales)

    • On May 17, 2017 at 5:19 pm,
      Matthew says:

      Russell, along with the neocons, your Dems would no longer exist if you get your wish for sanity.

      Democrat Hypocrisy On Firing Comey
      https://www.youtube.com/watch?v=u4G2N25Jp88

  9. On May 17, 2017 at 4:08 pm,
    CFS says:
  10. On May 17, 2017 at 5:13 pm,
    Dick Tracy says:

    what did The American public do when they heard about the disclosures that The Clintons were corrupt. Did they rise in wrath to punish the offenders. No they reserved their judgement for those who insisted on bringing the facts to life. No they blamed people who tried to bring the facts to life as being “Bolsheviks”. America is in deep decline and they blame people who don’t agree with them as being unpatriotic. DT

  11. On May 17, 2017 at 5:30 pm,
    Matthew says:
  12. On May 17, 2017 at 5:35 pm,
    Matthew says:

    Speed line support for DIA is about 5% below the current level:

    http://stockcharts.com/h-sc/ui?s=DIA&p=W&yr=1&mn=11&dy=0&id=p19493826946&a=493833361

  13. On May 17, 2017 at 5:48 pm,
    Markedtofuture says:

    Banker: “One Million Will March On Washington If They Impeach Trump. They Will Be Armed”

    Sometime contributor Bon Scott who happens to be not only a Trump supporter but more importantly a Constitutional expert and Big “L” Libertarian had this to say in response the ‘Impeach Trump’ escalation.

    10,000,000 people will march on Washington if they try to impeach Trump… they will be heavily armed. I will be one of them. No kidding
    While our colleague seems given to hyperbole consider this. Last year as early as February he said:

    “Trump can win. Ignore the polls. Polls are meaningless in an election with so many “shock events”. The truth is Donald Trump can win the election in a landslide.

    http://www.zerohedge.com/news/2017-05-17/10000000-people-will-march-washington-if-they-impeach-trump-they-will-be-armed-no-ki

    • On May 17, 2017 at 5:59 pm,
      Dick Tracy says:

      It will be interesting to see if the old guard can take Trump down, they don’t go peacefully into the night, but this will be their Waterloo.

      • On May 17, 2017 at 6:10 pm,
        Matthew says:
        • On May 18, 2017 at 2:01 am,
          Bob UK says:

          How dare you sir!? No one makes jest of Agnetha! Pistols at dawn1 Swords! The choice of weapons is yours!

          You are talking about the lust of my life – her and Jane Fonda as Barbarella.

          🙂

  14. On May 17, 2017 at 5:51 pm,
    Markedtofuture says:

    Trump-Xi Deal Could Fuel A U.S. LNG Boom

    The glut is still here, and there is no gas-related OPEC to try and do anything about it, so prices are bound to stay low for a while longer. For how long, it is difficult to say. Capturing a piece of the Chinese market may be a challenge but the rewards to be reaped sure look like it’s worth it.

    http://www.zerohedge.com/news/2017-05-17/trump-xi-deal-could-fuel-us-lng-boom

  15. On May 17, 2017 at 6:28 pm,
    Matthew says:

    Will gold soon take back the 233 week moving average? I don’t feel strongly that it will right away but that uncertainty is probably bullish. It often has been.

    http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=5&mn=6&dy=0&id=p54908082838

  16. On May 17, 2017 at 6:32 pm,
    Matthew says:

    TLT priced in GLD gapped down and spent the rest of the day filling that gap. I see no reason to think that TLT:GLD is not putting in a very large top and that will be great for the gold sector.

    http://stockcharts.com/h-sc/ui?s=TLT%3AGLD&p=W&yr=6&mn=9&dy=0&id=p30131537847&a=518122837

  17. On May 17, 2017 at 6:35 pm,
    Matthew says:

    I have no position in KDX but for those who do, it’s holding up well.

    http://stockcharts.com/h-sc/ui?s=KDX.TO&p=W&yr=4&mn=2&dy=0&id=p43218301782&a=519193700

  18. On May 17, 2017 at 6:40 pm,
    Matthew says:

    The dollar is well below the weekly lower Bollinger band and the RSI is at a one year low. It does not look good but let’s see how it finishes the week.

    http://stockcharts.com/h-sc/ui?s=%24USD&p=W&yr=3&mn=3&dy=0&id=p17898815384&a=520931764

  19. On May 17, 2017 at 6:43 pm,
    Matthew says:

    After a 13% run to the 200 day MA, the XAU looks like it needs a break:

    http://stockcharts.com/h-sc/ui?s=%24XAU&p=D&yr=1&mn=0&dy=13&id=p80406760350&a=522088160

  20. On May 17, 2017 at 6:46 pm,
    Matthew says:

    The Canadian dollar didn’t close materially higher than yesterday…

    http://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=1&mn=0&dy=13&id=p71817255104&a=522641997

  21. On May 17, 2017 at 6:56 pm,
    Matthew says:

    Gold just had its highest volume day since January and the daily chart looks good…

    http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=1&dy=0&id=p39477348703&a=524385264

  22. On May 17, 2017 at 7:05 pm,
    nigel says:

    Just to add my 5 cents, I’m getting a sniff, maybe not a smell, that this is a turning point, the attacks on DT are relentless and even Putin is finding it funny because its so stupid, anyway, I’m a PM person, haven’t bought any for a year, bought some today though, just one person’s opinion

    • On May 18, 2017 at 5:09 am,
      OOTB Jerry says:

      ditto on Putin…….

  23. On May 17, 2017 at 7:39 pm,
    Markedtofuture says:

    Amicus Brief filed in the Supreme Court on behalf of Allied Nevada shareholders

    you can follow the case here:

    https://www.supremecourt.gov/search.aspx?filename=/docketfiles/16-1236.htm

  24. On May 18, 2017 at 4:16 am,
    CFS says:

    ttps://mcalvanyweeklycommentary.com/wp-content/uploads/ica2017-0517.mp3

  25. On May 18, 2017 at 7:11 am,
    spanky says:

    Huge gap down in GCC this morning. Stick a fork in commodities for the next 4-6 weeks. Retest of the 2016 lows incoming. I expect at least a retest of the lows in GDX as well. Silver miners should be decapitated.

  26. On May 18, 2017 at 7:13 am,
    spanky says:

    Who has the smarts to buy the preeminent fascist stocks AMZN and GOOG on this dip? It’s free money, you just have to reach down and pick it up.

    • On May 18, 2017 at 10:36 am,
      OOTB Jerry says:

      You can have my share………just remember to pay it back….. 🙂

  27. On May 18, 2017 at 7:19 am,
    spanky says:

    Yen getting slammed today. I don’t know exactly how this right shoulder in $xjy and $gold is going to play out, but make no mistake we are building out a right shoulder for a trip down to Chinatown.

  28. On May 18, 2017 at 7:33 am,
    spanky says:

    There is absolutely nothing bullish about SLV:GLD on the daily or weekly charts. Nothing. If the cyclists are right and gold drops significantly from here, the ratio is going to get destroyed. We really should not be breaking below the 2015 lows if this is really a new bull. All will be revealed soon enough.

    • On May 18, 2017 at 10:37 am,
      OOTB Jerry says:

      I have to agree with you on a retest of 2015…..

    • On May 18, 2017 at 10:57 am,
      Matthew says:

      Spanky, being a contrarian would make your life less stressful. There’s plenty that is bullish about the SLV:GLD chart. Sure, it could go lower but the odds are good that it wouldn’t be much.

      This sector is no place for a price chaser unless he’s a deft trader.

      http://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=1&mn=0&dy=13&id=p50938221524&a=524587722

  29. On May 18, 2017 at 7:36 am,
    spanky says:

    Absolutely hideous topping candle developing on the weekly $silver chart. There will be follow through to the downside in the coming weeks unless there is a miraculous rally into tomorrow.

  30. On May 18, 2017 at 7:38 am,
    CFS says:
  31. On May 18, 2017 at 8:01 am,
    Matthew says:
  32. On May 18, 2017 at 8:27 am,
    CFS says:
  33. On May 18, 2017 at 8:51 am,
    spanky says:

    $CDNX–they will never make it easy. Putting in a topping candle this week. I suspect that they will slam it down hard for at least one week in the coming few weeks to send the stochastics into oversold territory. I’ll admit the chart looks overall bullish to me, but in the short run, they can and will take it anywhere they want to create a bottom.

    If it rallies hard along with GCC tomorrow, then I could see us staying in a tight range even into the June FOMC. But when have they ever just let miners just gently rise from a neutral position. It never happens. There is always a shakeout that scares the bejeezus out everyone before any kind of breakout. I expect no different this time (if this is even a bull market).

    • On May 18, 2017 at 9:20 am,
      j says:

      lol…yah CDNX is so manipulated….look at your own chart as CDNX ran hard Jan 2016 into the pm sector top last summer most mining stocks put in 200-500–800% pops…manipulated.lol

    • On May 18, 2017 at 9:30 am,
      Matthew says:

      Spanky, a lot more than just precious metals, or commodities in general, are represented in that index.

      ftp://ftp.cdnx.com/SPCDNXIndex/Constituents.txt

      • On May 18, 2017 at 10:09 am,
        spanky says:

        Understood, but it is pretty clear to me that a bottom in $CDNX is a necessary but insufficient factor in the miners finding a bottom. Again, it’s hard to deny the overlap in pivot points between the two.