Minimize

Welcome!

An in-depth look at the S&P and Gold charts

Cory
October 10, 2019

Doc kicks off today with a close look at the S&P and gold charts. We breakdown some of the key technical factors that we are watching as well as outline where we see the markets going into next year.

Discussion
28 Comments
    Oct 10, 2019 10:23 AM

    Doc, OR made it down to 9.11 today but is back to 9.37
    SLB is down to 30.7 but I am waiting for a tumble. I think I like silver better.
    Did you ever buy any IMBBY or BTI or IRVRF?
    Nail biting time as the Astros must win tonight or go home till April.
    Mattress Mac, a Houston furniture dealer, bet $3,500,000 on the Astros to win the World Series with a Louisiana bookie last week. If the Astros win it all he collects 11.5 million. What do your charts say about that?

      Oct 10, 2019 10:41 AM

      BB, I haven’t since I believe they still have further to fall. IMBBY has the potential to see 15 As I mentioned the other day, be careful with OR. I bet it moves down further.

        Oct 10, 2019 10:54 PM

        Doc, IMBBY is supposed to earn 3.58/share next year so 15 would be just over 4 times earnings. Hard to believe it! But I think BTI may do better long term.

        Oct 10, 2019 10:05 PM

        BB, I sold my position in OR at 9.64 last Friday for a loss, gave it a chance to recover all through September but it was one way traffic don’t see that changing anytime soon

    Oct 10, 2019 10:35 AM

    That looks like a successful retest of the 9/30 low, complete with positive strength divergence:
    https://stockcharts.com/h-sc/ui?s=OR&p=D&yr=1&mn=0&dy=0&id=p67392059487&a=691582934

      Oct 10, 2019 10:03 PM

      Thanks, Matthew. Doc thinks OR may drop more but that chart gives me hope that it has formed a double bottom. The RSI is very oversold and the MCAD looks like it may be about to turn up. OR looks like a real bargain compared to RGLD, FNV, and SAND, all of which I own. WPM also looks cheap but I have so much WPM I should probably go for more OR. Fortunately I own FNV@26 and RGLD@27 so I can afford to take a short term hit in OR as I am confident it will be much higher in a couple of years. But maybe I should buy more USAS, Irving, and NSRPF instead…

    Oct 10, 2019 10:44 AM

    GLD/GDX/GDXJ filled their 10/8 gaps today and the miners are now up while GLD is still down .75%
    https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=1&dy=0&id=p82935988339&a=674222302

    Oct 10, 2019 10:02 PM

    Doc: “On the short term gold daily chart, watch the MACD”
    Michael Oliver: “Momentum speaks first. Price usually follows.”

      Oct 11, 2019 11:40 AM

      Silver, you’re correct; I’m watching that with fascination. It’s flat lining and ready to break one way or another.

    Oct 10, 2019 10:25 PM

    i am a subscribe to Michael Oliver’s gold newsletter and consider it well worth the money.

    It would be nice if Cory could have him on the show once in a while.

      Oct 11, 2019 11:17 AM

      +1

      Oct 11, 2019 11:47 AM

      I agree that Michael Oliver is a sharp technician, but he may have an exclusive deal going with Jay Taylor.

        Oct 11, 2019 11:30 PM

        I’ve never subscribed to Oliver but should. His approach resonates with me more than all others and he was appropriately bullish over the last year while most were bearish.

    Oct 10, 2019 10:53 PM

    OPUS 179 Kurdish Opportunists

    Hear me Loud and Clear: Trump is RIGHT to get out of the Middle East! The Kurds dont need us. Obama’s CIA created ISIS and the mess has to stop!

    https://www.youtube.com/watch?v=5oQwAcQeOg4

      CFS
      Oct 10, 2019 10:30 PM

      Of course, the Whistle-Blower had to wait 18 days, while Atkinson changed the whistle-blower form to allow second-hand information.

      No conspiracy to see here.

      The deep state, FBI and CIA, would never be involved in Sedition or trying to unseat a legitimately elected President.

    Oct 10, 2019 10:36 PM

    Joe Biden worked with whistleblower when he was vice president, officials reveal

    https://www.washingtonexaminer.com/news/joe-biden-worked-with-whistleblower-when-he-was-vice-president-officials-reveal

      CFS
      Oct 10, 2019 10:23 PM

      The whistle-blower worked with Joe Biden and EVEN flew with him on Airforce 2 to Ukraine.

      nothing partisan to see here !

      The Whistle-blower consulted with house Democrats and was given lawyers to draw up the complaint (by Schiff & Pelosi)

      No collusion to see here.

        CFS
        Oct 10, 2019 10:37 PM

        Horowitz report to be released Oct. 18.

        I wonder if he looked into Atkinson delaying the Whistle-blower 18 days while he modified the Whistle-blower form to allow non-firsthand information ?

    Oct 10, 2019 10:52 PM

    Trump: Biden ‘understood how to kiss Barack Obama’s ass’

    https://www.washingtonexaminer.com/news/trump-biden-understood-how-to-kiss-barack-obamas-ass

    CFS
    Oct 11, 2019 11:12 AM

    When you hear southern district of N.Y. arrest two operatives associated with Giuliani,

    Also remember this article:
    https://www.politico.com/story/2017/01/ukraine-sabotage-trump-backfire-233446

    CFS
    Oct 11, 2019 11:09 AM

    TRUMP-SYRIA…..MAYBE NOT A MISTAKE.

    https://www.youtube.com/watch?v=2hPZszqpupk

    Oct 11, 2019 11:35 AM

    GLD has fallen much more than necessary to fill its 10/2 gap and has bounced off of Bollinger Band and pitchfork support:
    https://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=5&dy=0&id=p60412675654&a=692805130

    SLV and the miners (GDX, etc) have bullishly held up much better and have not filled their 10/2 gaps much less fallen to their lower Bollinger Bands.

      Oct 11, 2019 11:22 PM

      Update: In the final 20 minutes, GDX did fill the 10/2 gap with today’s low happening at 1 cent below the 10/1 close. There’s Bollinger Band support about 2% below today’s close.
      Today’s low also happened at a fork support and there’s another fork support just below the Bollinger Band. The significance of either fork support in this case is admittedly questionable, especially the green one…
      https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=0&mn=5&dy=0&id=p91819174345&a=692845231