Rick Ackerman’s Technical Forecasts – Mon 15 Apr, 2019

Comments on the overall gold market and separating the good from bad FAANG

Rick Ackerman is with us today to share his thoughts on the precious metals and FAANG sectors. Starting with the metals we address how hard it can be to trade a market that continues to move sideways. We also are reminded of the levels Rick is watching for gold. As for the FAANG stocks there are a couple good companies and a couple companies that Rick terms the “dead stocks walking”. Listen in to find out which he is referring to.

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Comments:
  1. On April 15, 2019 at 4:44 pm,
    paul says:

    Rick if your looking for 1260 gold where do you see the miners GDX?? thanks

  2. On April 15, 2019 at 8:01 pm,
    CFS says:

    OFF TOPIC (unverified) Sealed Indictments, Military Trials.

    https://www.youtube.com/watch?v=5aYAJGWznYI

    (The renovation expenses for GITMO were verified.)

  3. On April 15, 2019 at 8:56 pm,
    Excelsior says:

    Always good to a get an update and levels to watch in the general markets and Gold price from Rick A. Thanks guys!

  4. On April 16, 2019 at 5:50 am,
    OOTB Jerry says:

    https://www.zerohedge.com/news/2019-04-16/gold-dumps-someone-decides-0830et-perfect-time-puke-15-billion-notional
    Gold Dumps As ‘Someone’ Decides 0830ET Is Perfect Time To Puke $1.5 Billion Notional

    Precious metals traders are using the ‘f’ word a lot this morning – ‘Fiduciary’ – as they question the rationale for ‘someone’ deciding to puked over 11,000 gold futures contracts (around $1.5 billion notional) into the market, sending the price tumbling to its lowest since January…

    • On April 16, 2019 at 5:52 am,
      OOTB Jerry says:

      Some have argued this is technically driven as Gold breaks below its 100DMA…

      • On April 16, 2019 at 6:43 am,
        OOTB Jerry says:

        Puking……..$1274

        • On April 16, 2019 at 9:37 am,
          Temple says:

          Damn cartel

      • On April 16, 2019 at 9:50 am,
        Matthew says:

        Whatever the cause, it’s much ado about nothing.

      • On April 16, 2019 at 10:01 am,
        Matthew says:

        The 200 and 233 week EMAs are both nearby at 1269 and change while the important 600 week MA is at 1260.77 and rising.
        It’s a good sign that most of the risky juniors have declined on very low volume over the last few weeks. Bigger, smarter money is accumulating the highly leveraged plays while the little guy is hitting the bid.

        http://schrts.co/xgNdtyyR

        • On April 16, 2019 at 10:12 am,
          Charles says:

          Hi Matthew – Can you give me an update on the NSRPF chart with how you would draw the Andrews Pitchforks on either a daily or weekly timeframe?

          • On April 16, 2019 at 10:43 am,
            Matthew says:

            We’ve got some interesting fork action on the weekly chart. The main forks in play are the Andrews (the largest one) and the modified Schiff (blue). The Schiff fork consists of a fork that starts at 50% between points A and B vertically while the modified Schiff also does that but adds a 50% horizontal shift between those points.
            You can see that you’ve got three nearby supports if you count the 200 week MA (which I do)…
            http://schrts.co/ByWWqFtH

          • On April 16, 2019 at 10:47 am,
            Matthew says:

            On the daily chart, the Andrews fork providing resistance for the last several days is the one to watch…
            http://schrts.co/ByWWqFtH

          • On April 16, 2019 at 10:48 am,
            Matthew says:

            Oops, this is it:
            http://schrts.co/JPEtIevP

          • On April 16, 2019 at 11:07 am,
            Charles says:

            Thanks again Matthew. On the daily, I drew it from the February low versus the March low. When drawing pitchfork do you take the most recent low?

          • On April 16, 2019 at 11:29 am,
            Matthew says:

            No, your Feb low might be more legitimate than the one I chose. I did what did to see what little support might exist right now. Since mine was a steeper fork, it did seem to show what might be supporting price today.
            When looking at a trend of zig-zags, you generally want to start with a significant high or low and put your next two points on the high and low that are furthest apart. Then you play with the type of fork to see which one best matches the angle of the trend.

          • On April 16, 2019 at 11:40 am,
            Charles says:

            got it. That is a helpful tip.

  5. On April 16, 2019 at 5:58 am,
    OOTB Jerry says:

    FROM THE HOOSIER LAND………
    https://www.americanthinker.com/blog/2019/04/its_time_to_get_the_federal_government_out_of_education.html
    “Students, alumni outraged, ‘shaking’ after Vice President Pence invited to give commencement,” tells of campus unrest at Taylor, a Christian university in Indiana. Parke writes that “Vice President Mike Pence is getting pushback from Taylor University students and alumni after the small evangelical Christian school tapped the former Indiana governor to be this year’s commencement speaker.”
    claiming that the Trump-Pence administration’s policies “are not consistent with the Christian ethic of love we hold dear.”

    • On April 16, 2019 at 6:01 am,
      OOTB Jerry says:

      Matthew 7:15 King James Version (KJV)
      15 Beware of false prophets, which come to you in sheep’s clothing, but inwardly they are ravening wolves.

    • On April 16, 2019 at 6:06 am,
      OOTB Jerry says:

      Pence is an Neo Con………..much like Dan Quayle…….
      Matthew 7:16-27 King James Version (KJV)
      16 Ye shall know them by their fruits.
      17 Even so every good tree bringeth forth good fruit; but a corrupt tree bringeth forth evil fruit.

  6. On April 16, 2019 at 6:30 am,
    larry says:

    industrial production measure shrank sort of insignificantly……but crude oil is weakkening from an overbought rally level……if this continues the equities should weaken from this cue….

  7. On April 16, 2019 at 6:34 am,
    OOTB Jerry says:

    TRoubling…………
    https://www.zerohedge.com/news/2019-04-15/weve-seen-happen-last-3-recessionsand-now-it-worst-it-has-ever-been
    Instead of spending the money to build factories, hire workers and expand their businesses, our big corporations have been spending more money on stock buybacks than anything else.

    • On April 16, 2019 at 6:37 am,
      OOTB Jerry says:

      And that number certainly sounds quite impressive until you learn that General Electric has spent a whopping 40 billion dollars on stock buybacks.

      Sadly, both corporate behemoths are now absolutely drowning in debt as a result of their foolishness.

      • On April 16, 2019 at 6:39 am,
        OOTB Jerry says:

        Corporate debt has more than doubled since then, and it is now sitting at a grand total of more than 9 trillion dollars.
        Since the last recession, nonfinancial corporate debt has ballooned to more than $9 trillion as of November 2018, which is nearly half of U.S. GDP.

  8. On April 16, 2019 at 6:50 am,
    larry says:

    crude oil just began selling off in earnest….some getting out of the hot seat…..

  9. On April 16, 2019 at 7:31 am,
    OOTB Jerry says:

    More Trouble ……Bof A……
    https://www.zerohedge.com/news/2019-04-16/what-bank-america-seeing-credit-loss-provision-spikes-6-year-high
    Here, what was remarkable is that even as the economy is reportedly getting stronger with better consumer trends, Bank of America bumped up its provision for credit losses to just above $1 billion, or $1.013BN to be specific, up over $100MM from both a year earlier and Q4. This was the highest credit loss provision number since in 6 years, or Q2 2013.

  10. On April 16, 2019 at 7:35 am,
    spanky says:

    Just checking in. I am expecting a low in gold next week (the week of the the 22nd), as I have been saying for the last couple of months.

    I have absolutely no idea how this is going to play out in terms of severity, but the last bit of plunge before a reversal could be severe. As I said, safest to wait for a weekly swing low, but I think if you can stomach a short term draw down, you could start nibbling right now. Each day that goes by this week and next, your risk is getting smaller and smaller, IMO.

    • On April 16, 2019 at 7:40 am,
      larry says:

      Spanky i look to try to get back in around wednesday next week…this is based on fibonacci time curves, cycle timing bands and support levels…i will wait on the 5 hour chart to show me a mature bottom in gdx type trades

    • On April 16, 2019 at 7:42 am,
      OOTB Jerry says:

      I would tend to agree with………if you can stomach a short term draw down, you could start nibbling right now.

      • On April 16, 2019 at 8:33 am,
        b says:

        “Nibbling” makes me smile, the call for years has been “a good time to buy”, now its “nibble”
        Just funny.

        • On April 16, 2019 at 10:03 am,
          Matthew says:

          Today will prove to have been a great time to buy many juniors.

          • On April 17, 2019 at 1:59 pm,
            b says:

            Many is relative, today will also prove that it was a great day to wait to buy many jrs.

            I just found it interesting that for…EVER it was A Good Time to Buy buy buy and now its nibble nibble nibble.

  11. On April 16, 2019 at 7:44 am,
    larry says:

    /CL look at that rebound of crude oil…amazing thing to witness…it has hit a .786 fibonacci retrace intraday so far…above for double top?…no idea but volumes up are pretty weak and of course anything can happen…i did not finish typing and it broke over .786 retrce level!

  12. On April 16, 2019 at 7:49 am,
    cfs says:
  13. On April 16, 2019 at 8:30 am,
    larry says:

    GDX targets on a 1;1 daily AB=CD down is at 21.06 and the 5 hour chart is a bit weaker so its AB=CD down could be1; 1.27 expansion at 20.91

  14. On April 16, 2019 at 8:53 am,
    larry says:

    Weekly gdx shows an interesting fullfillable pattern……It is forming a gartley butterfly buy pattern and if so the 1.27 expansion down occurs at 20.82….and, if so the retracement from the 9/10 weekly low is about a 50% move down at 20.61……Which happens to be the TAS profile weekly support almost exactly…These are nice retracements because they would allow for a nice strong rebound rally up…..So some good harmony type convergences are definitely emerging..