Comment On The US Markets, Volatility, and Gold
Rick Ackerman joins me today to share his updated technical levels for the US markets, volatility, and the gold market. With some of the crazy swings over the past week it is important to take a step back and reassess some of the key levels in these markets.
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Good thoughts from Rick A. today. His story on the VIX play were very interesting, and we’ve all been there before — where you get so excited that you get a 5 or 10 bagger that you exit before the 50 or 100 bagger. Still that is just good risk management because, there have been more times where I’m glad I locked in the profits while I had them, before the asset did a round trip. To me taking a round trip is worse psychologically than selling too early, but both are part of the process.
Also his comments on Gold being so frustrating were spot on and his dry wit made me laugh to myself. Rick is great and it was nice to hear his thoughts.
BTW he nailed it again and was correct that gold just got down to his target of $1310. 🙂
** The two best lines from Rick A concerning Gold were:
“Well, you know I’ve had…. well, I’m not going to say a love/hate relationship with Gold because I never really loved it, but sometimes I like it…..”
“Every rally takes you just to the point of encouragement, and every decline or subsequent sell-off really saps that encouragement out of you. It takes you, if not quite to the brink of despair, then certainly to the point of considerable discouragement.”
Those comments would be tragically funny if they weren’t so dang true. 🙂
Lastly, I completely agree with Rick and had stated so at the time that it was significant that Gold took out the 2017 high (which was $1362.40) and it closed up at $1365.40. That is a big deal technically, and lends weight to the bullish narrative.
Also Gold has been putting in higher lows. Really as long as Gold doesn’t break below the last higher low of $1238.30 then we are still in an uptrend.
It would be more bullish to stay above the congestion zone at $1280 and the 233 day EMA is at $1281 presently so that area should offer good support if gold does dip below $1300.
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=5&mn=0&dy=0&id=p52342355913
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