Chris Kimble - Kimble Charting Solutions – Fri 3 May, 2019

US Markets Hitting Key Resistance – Will They Turn Lower Or Break Higher?

Chris Kimble is back and sharing a number of important charts this time focused on the US equity markets. Unless you are a very short/day trader the long term charts are always the most important to watch. Which is why we are looking at 10+ year charts which even after the drop in Q4 of last year are still holding their uptrends.

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  1. On May 3, 2019 at 6:32 am,
    OOTB Jerry says:

    The World Gold Council is forecasting that world central banks will buy 500 to 600 tons of gold this year, compared to around 400 tons in recent years. However, in 2018 global central banks bought 652 tons. It’s interesting and somewhat ironic that supposedly smart world central bankers continue to buy gold as a store of value, while many supposedly smart financial advisors tell individual investors to shy away from an asset that produces no yield or dividend. It can be argued that owning gold is like having a weapon for personal protection: you don’t need it until you really need it.

    • On May 3, 2019 at 7:41 am,
      Dick Tracy says:

      Financial advisors don’t want to spread alarm by making dire predictions that may cost them their jobs, and banks with unsold securities on their hands are unlikely to say anything that will make it more difficult to dispose of them, but then most of us know this.DT

      • On May 3, 2019 at 7:45 am,
        Dick Tracy says:

        “The best things in life are free”, like the song says, but you must understand that time is the most important asset in life. Gold doesn’t even come close. DT

        • On May 3, 2019 at 8:12 am,
          OOTB Jerry says:

          Ditto…….on the TIME……….

        • On May 3, 2019 at 1:59 pm,
          Matthew says:

          Having lots of time but no assets doesn’t sound good to me at all.

          • On May 3, 2019 at 2:54 pm,
            Dick Tracy says:

            If you understand time you will have enough assets to stay out of debt.

          • On May 3, 2019 at 8:18 pm,
            Matthew says:

            My point is that striking a balance between the two is very important to me. Everyone has different requirements.

  2. On May 3, 2019 at 6:35 am,
    OOTB Jerry says:

    Over a 20 yr period…… annual rate of return is 7%…..lear capital quote.

  3. On May 3, 2019 at 10:00 am,
    spanky says:

    The lack in response so far in the miners today is pretty disappointing. It also suggests that we could be seeing lower lows in the days ahead. We’ll see how she closes, but right now not looking too positive for a bottom being struck.

    We made a lower low in $gold this week by a few dimes, so my call for a low last week was clearly incorrect, although I always knew the FOMC could screw that prediction up. The CoTs are not exceedingly bullish either, at least as of last week–there is room for further downside. All that being said, I still think a low has been struck in gold at $1267 FWIW.

    • On May 3, 2019 at 2:10 pm,
      Matthew says:

      I think the failure of the miners to hold onto their gains today has a lot to do with the opening gap and the “sell in May” crowd taking advantage of a bounce. Of course emboldened short-sellers and nervous bulls were a factor, too.

      The COT setup is almost certainly better than the last report implies since gold fell almost $20 after Tuesday’s cutoff.

  4. On May 3, 2019 at 11:27 am,
    b says:

    Mickey Fulp: How to Play Gold Price Seasonality

    Buy July-Aug sell Jan.

  5. On May 3, 2019 at 12:03 pm,
    spanky says:

    lovely black candle being put in on GDX today, with gold up $8-9. That’s depressing action no matter what happens in the days and weeks ahead.

    Look at AUY. It could close red today after getting absolutely reamed the last few weeks. Frustrating doesn’t even begin to characterize this sector. The fact that the Dow is 500pts from new all time highs just rubs salt in the wounds.

    I still think the low from last year in the miners will hold. But I have no clue what they will do in the short run. I still suspect gold bottomed this week, but for all I know the miners could continue to massively negatively diverge. And GCC looks like it is on death’s door and ready for a fresh break to new 50+ year lows.

  6. On May 3, 2019 at 12:05 pm,
    spanky says:

    Fresh shorts are piling in now that GDX is below the 200 dma. And who can blame them.

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