Understanding What The Data Out Today Means for Investors and The Fed
We have weak economic data but Chris Temple thinks it’s important to take a step back and understand what this means in the big picture. Everyone is trying to predict what the Fed will do with this weak economic data but all we have to do is understand that this data has been weak for a long time and it hasn’t mattered.
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Re: Paladin, you might want to read:
https://seekingalpha.com/article/4087490-red-river-report-downfall-great-australian-miner
Wire Paladin, San Francisco. He’s at the Carlton Hotel and has a gun, will travel.
What’s up with Dominion Diamond DDC today?
Shares of Dominion Diamond Corporation (NYSE:DDC) (TSE:DDC) have been assigned an average rating of “Buy” from the eight brokerages that are currently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $14.78.
There is also a rumor going around on the street of a buy-out.
They halted trading in DDC after it went up 6% today
When you din’t know . You don’t know what’s coming to you . https://www.youtube.com/watch?v=XHKkzuU2qtE
The problem, James, with MOABs or similar GPS-guided bombs is that there are Korean satellites that pass over the US every day. Although they were officially classed as communication satellites, they are, in fact, not.
If either of these contain an EMP weapon, the US will be driven into the dark ages.
It it also possible that US GPS satellites can be targeted.
The Chinese now have their independent GPS system.
An English documentary on Politically-motivated, scientifically-moronic concept of man-made global warming:
https://www.youtube.com/watch?v=DJBDI7jVMqM
Thanks CFS, I watched it all the way through. The 30-40 minute and 1:05 till the end bit got me the most.
Environmental Nightmare! Dozens Of Highly Toxic Substances Have Been Found In Tap Water All Over America
After reading this article, you will never look at tap water the same way again.
Good news is food is not toxic. So, don’t worry, eat all you want.
Most processed food is toxic and is full of high fructose corn syrup and hydrogenated fat.
Stick with organic food.
Agreed Bonzo Barzini.
Everything is toxic if you get too much. Everything is NOT toxic if you do NOT get too much. The world is a lot more complicated than EPA’s gubmint goons know.
I have not drunk crap from the tap for 15 years. I even gave spring water to my dog and she lived to 19 1/2.
Just get a good filtration system and have the toxins and sediments removed.
Just large corporations wanting and forcing people to buy bottle water.
Rainwater is free
I can’t remember the last time it rained where I am……at least 3 months ago.
GDX:GLD falling apart intraday. Today was nothing but a sucker’s rally.
It’s not so bad. It’s still above fork support, the KAMA, the 50 day MA (which is pointing up) and the RSI(14) reading is above 50.
http://stockcharts.com/h-sc/ui?s=GDXJ%3AGLD&p=D&yr=1&mn=0&dy=13&id=p99274658856&a=534403999
Oops, you were looking at GDX:GLD not GDXJ:GLD.
GDXJ looks pathetic. Should be ringing alarm bells.
Read the Act of 1871 ….
Look at that beautiful ramp into the close in $indu. Mining stocks–gap up and then fading well below the open is what we get.
EXK, what a POS.
EXK was still up on the day and positive like most Silver miners.
I think EXK is a great little company and own it.
Ditto. I just picked up a position in EXK this week/
I”ve traded in and out of it about a dozen times over the last year and keep telling myself that when I feel the metals are going to turn up for an extend period of time that I’m going to let it ride and keep a core position in place. It is so liquid though, that it is easy to trade, and sometimes I use it fund smaller iliquid trades and then rotate back into it when trimming those.
Miners being faded hard into the close, relatively speaking. Nothing bullish whatsoever about today’s action. More shorts piling on on every uptick or gap up.
“Miners being faded hard into the close” ??
There were tons of stocks still rallying into the close today as well, but overall it was very fairly distributed where most miners gained on the day and simply held the gains.
There was a minimal dip in the ETFs and funds at the end of the day/week before the weekend but it was negligible in the overall move on the day.
I’m getting burnt out just covering the Silver miners that held their gains or surged into the close today, and there were tons more that still had positive gains on the day even if they tapered a little in the afternoon.
I’m not going to do all the Gold miners with the exact same story, but clearly making a blanket statement that most miners were faded hard into the close doesn’t exactly translate into reality.
Don’t blame you for getting burned out.
There were a number of charts in the green and up and to the right today, but that’s enough to make the point that for many miners today was a very positive day.
GDX put in a black candle on a day gold was up $11-12. That’s not bullish action. Certainly not indicative of some major low having being struck. We are going lower into August. The July 10 low is toast. We are going to get a monumental washout before any bounce.
You put a lot of weight on a single candle, Spanky. Have you ever noticed that those black candles happen only on days when there’s been a gap-up at the opening of the session? Did you also notice that the December low was marked by two black candles?
The market typically hates gaps so maybe big money is painting them in an effort shake weak hands out of their shares and their convictions. Whatever is going on, black candles haven’t meant much in the recent past.
http://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=0&dy=13&id=p33149166004&a=534426959
Matthew I was thinking the same thing about the over significance being placed on black candles.
They mark bottoms as often as they mark tops, and many times are just sandwiched in the middle of an uptrend or downtrend. Basically they aren’t very predictive in nature.
Personally, I place very little importance on black candles because they simply mean that that today’s close was lower than the open, but that the close was higher today than yesterday’s close. If anything they are a mixed signal and more neutral.
Also, after following candlesticks for years, it is always difficult to put too much emphasis on one candle. The trend or pattern is ultimately more important. Having said that a Hammer or Inverse Hammer or a Doji candle can be significant in marketing a turn in direction, so I place much more importance on those than the color of a candle.
For example, in the 2nd chart you posted pointing to Dec 19th it was a Doji candle the marked the turn in direction, where there is a long wick and a sliver of a candle where the open and close are in a narrow proximity. This is far more important to watch for than candle color in my experience.
I agree but would place more significance on them when they don’t follow an upward price gap.
@Goldfinger – “There is a very good chance that $1204 is a low that will hold for some time in $gold. Price has held up well given a substantial liquidation has taken place. Bullish seasonality should also begin to kick in soon. Gold has a lot of things going for it here including sentiment; many fewer reasons to be bearish given seasonality, CoT positioning, sentiment, etc. ”
@Goldfinger – “Very constructive $gold CoT report with large specs liquidating more than $4 billion in net notional length. Open interest also increased more than 18,000 contracts which is consistent with the theme that trend followers have been shorting into the decline earlier this month. ”
Sprott predicts gold will rise by end of 2017, driven by equity correction
KRISTINE OWRAM – Bloomberg News – Friday, Jul. 14, 2017
“The next move on gold will be driven by an equity market correction,” Chief Executive Officer Peter Grosskopf said in an interview at Bloomberg headquarters in New York. “It’s a pretty safe bet that if equity markets start to look volatile and dangerous then a lot of money will flow into gold as a hedge to that.”
I have a feeling commercials loaded back up with shorts this week and especially today.
Even if we are close in time to a low, a lot of technical damage can be unleashed in just 1 week. The monthly charts are already bearish enough, but one price drops sufficiently below the 20 MMA, the chance of a reversal is slim to none.
That’s a valid point, but the converse is also true. If there is a short squeeze for all those that loaded up on shorts earlier this week, then it could really move things to the upside. We’ll see how it goes….
Really nice H&S pattern forming in gdx:gld 5 minute chart. Down she goes next week.
Today was nothing but an opportunity for smart money to dump/short shares all day after a large gap up.
GDX is at a significant juncture
http://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=6&mn=6&dy=0&id=p13267368240&a=480387695
In general I like what I’m seeing in the precious metals charts.
GDXJ is in the thick of it too, but has had nice price action off a few key supports.
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=2&mn=4&dy=0&id=p26910732164&a=512101048
Some key resistance levels remain to be taken out to show a clearly bullish posture.
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=1&mn=9&dy=0&id=p35774748955&a=534359771
If 30.97 was a significant low, then this up-leg ought to take out the 200 day MA.
Weekly Yen looks encouraging
http://stockcharts.com/h-sc/ui?s=%24XJY&p=W&yr=10&mn=0&dy=0&id=p87146502292&a=443807618
There is a giant head and shoulders on the $XJY chart, with the neckline starting at the 2015 low and slanting upwards diagonally.
I added the neck line. But I’m skeptical that H&S will materialize.
Good chart GH. That doesn’t really look like a H&S pattern to me either.
Thanks for the trend-line showing where Yen support should materialize if there is any more downside left.
Weely commodities, GCC, looking good too:
http://stockcharts.com/h-sc/ui?s=GCC&p=W&yr=10&mn=0&dy=0&id=p27546442142&a=494657532
You boys behaving today???? Well then…maybe you saw this…
Pocahontas is on the war path….going to get some Kid Rock scalp…but maybe all she gets is a hot foot…ought to be awfully entertaining and worth a laugh.
See you around the tepee…I’ll be wearing my best moccasins…
I’ll take an auto-tuned senator over a fake Pocahontas any day. 😉
She is one among many who need to be run out of office
She is one among many who need to be ran out of office
Bitcoin takes a hit..zh
I bet Yellen is going crazy….no she is crazy….
Trump had a great day in Paris today.
GLD Fibonacci arc action:
http://stockcharts.com/h-sc/ui?s=GLD&p=W&yr=6&mn=7&dy=0&id=p30074242504&a=403938174
Nice Arc support in full effect on GLD. Thanks Matthew.
It also acted as resistance in 2016. Very interesting.
I think the sector is going higher next week.
GLD daily:
http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=1&mn=0&dy=22&id=p68128860999&a=527851584
FWIW I started buying again (even SGN ). USA is impressive also.
I think that’s a good idea and have way more than replaced all the SGN shares that I had sold into strength in January and have been adding to several other positions lately as well.
Of course, the bears are betting that the action is just part of a back-test of failed support:
http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=9&dy=0&id=p33004151825&a=530217006
That chart is almost hypnotizing. I agree that the sector is going higher next week.
The green arc has been in play a lot over the last year.
Somebody bite that hook on PALAF for me so maybe I can go green today. They really baiting the hook with that spread they have been running since the bell!