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2 Fed Presidents Resigning and Broad Weakness Across The Board – Is This A Preview to Q4 Trading?

Cory댊
September 28, 2021

Joel Elconin, Co-Host of the Benzinga Pre-Market Prep Show and Editor of the PreMakret Prep website joins to discuss the broad market weakness that we are seeing today. It’s not just the risk on assets that are selling off. This also times with 2 Fed Presidents stepping down and the end of the month and quarter. We focus on what this weakness could mean for Q4 to end this year.

Click here to visit the PreMarket Prep website to keep up to date with what Joel is watching in the markets.

Discussion
66 Comments
    Sep 28, 2021 28:30 AM

    VIZSF – added again today @ $1.70
    3.7% still in cash

    Joe
    Sep 28, 2021 28:36 AM

    A couple of rats jumping off a sinking ship so they can escape with their ill-gotten gains.
    Gotta make way for a new batch of crooks to come in and further the decline of this country.
    The current administration is doing it’s part, to the best of their efforts, and they’re not even a year in power.
    Another 3 years and they’ll have the military gutted, the big companies will get bigger and the little guy will get subsistence-level UBI…. but only he he gets his mandatory injections of anti-fear juice.

    Sep 28, 2021 28:58 AM

    How Bad Are Things in China? Goldman Sachs Just Slashed Its Growth Forecast to Zero.

    By Callum Keown – Sept. 28, 2021

    “Goldman Sachs has become the latest bank to cut its China growth forecast, citing the country’s power crunch, now expecting zero gross domestic product growth in the third quarter.”

    “Production has been halted at a number of factories, including some supplying Apple (ticker: AAPL) and Tesla (TSLA), due to widespread shortages, partly caused by tight coal supply and increased demand post-Covid lockdowns. Strict emissions targets introduced by Beijing, as part of an effort to fight climate change, are also a factor…”

    https://www.barrons.com/articles/goldman-sachs-slashed-china-growth-forecast-to-zero-51632835741?siteid=yhoof2

      Sep 28, 2021 28:20 PM

      Ex, it looks to me like we are entering a Deflationary Depression, I don’t think we will see Stagflation this time, the system needs to be cleansed. China has always been a country with big moves to the upside and downside. That won’t change because of their huge population, but their problems are big enough to destroy our economy because we have relied too much on their manufacturing. They are culpable but so are we. DT

        Sep 28, 2021 28:59 PM

        Good thoughts DT, and that could be the case that we see a deflationary depression, so it’s nice to get your perspective on that.

        Personally, I’m still more in the staglationary camp, more similar to the 1970s environment, where we have slowing growth into rising inflation, and higher rates of unemployment. We have the higher oil & gas prices, rising commodities (which could get derailed due to the big problems in China you mentioned), rising wages, but a lack of humans in the workforce, leading to supply chain interruptions.

        Granted others have made the point that things are different now than the 1970s due to the crushing amount of government debt, which is keeping the central banksters in check from doing runaway rate hikes to keep up with inflation, and thus once again, the Fed is way “behind the curve.”

        From a monetary policy standpoint, we’ve been in “emergency” mode as a planet since the 2008-2009 Great Financial Crisis. Due to the contagion effect, all nations have followed the US lead of using central banks to try and print their way out of the the black hole since that time. They are creating new money supply hand over fist to try and inflate their way out of the deflationary spiral and have a reached a bizarre stagflationary stale mate at present. I believe this leads to runaway inflation at one point down the road, and all this new money creation will eventually have consequences. The banks and nations have till have not corrected the sins of the past.

        With (MMT) Modern Monetary Theory, and the massive amounts of government fiscal stimulus the last few years, they are now adding to the damage on this side of the equation to compliment the disaster on the monetary policy of the books. Really it has been unprecedented amounts of government fiscal stimulus, and with Trillions of dollars in new plans coming down the pike in infrastructure and bailing out all of society and placating lobbyist groups, they are only getting warmed up. MMT = More Money Today, as Jim Rogers so often quips.

        Lately the US has hit epic levels of new money creation through fiscal stimulus with helicopter money to individual citizens through stimulus checks, the PPP Payment Protection Plan checks to small businesses, the extended unemployment payments, payments for people that did nothing more than pop out children, waiving of rental eviction, the wiping out of old student loans by fiscal magic, and other such “nanny state” policies which keep citizens sucking on the government teat.

        At this point we are dangerously close to seeing (UBI) Universal Basic Income, and other insane socialist economic policies of redistribution of wealth implemented by spineless bureaucrats. The discussions went from the lie of “oh don’t worry we won’t raise taxes on the middle class,’ to a year later the removal of tax credits (which is raising taxes on the middle class), to more taxes on capital gains, inheritance tax, and now a whole list of coming higher taxation, to pay for “do good” policies like “green agenda” and “gender studies,” which are mostly red herrings and the very essence of destruction of longer term purchasing power by funding Federal nanny state policies.

        This is destroying the incentives to forge ahead as autonomous small business owners, replacing them with stay at home zombies ordering mindlessly from mega delivery services like Amazon instead. Most citizens are looking at the US Dollar index and smugly patting the banksters on the back suggesting, “hey Fed, it looks like your policies are doing OK, because the greenback is holding its value and is pretty steady.”

        The only problem with this insane way of viewing the dollar through the rose-colored glasses of the dollar index, is that it is measuring the US Dollar against a basket of 6 equally problematic currencies that are also racing to the bottom, devaluing their fiat, and printing like crazy. If people instead started actually thinking about things in terms of what their dollar’s purchasing power are, and how this purchasing power is being eroded every year to the silent tax of inflation, then they’d wake up and realize they are being screwed. It is not deflation, but inflation that is causing all prices in goods and services and wages and energy to rise. It is not deflation, but inflation that is crushing peoples nest eggs for retirement, eroding what kind of omelets those nest eggs can purchase. It is inflation that makes all current “savings” instruments like bank CDs, money markets, annuities, and even bonds not worth the candle. But hey, at least people are making 0.5% to 1.5% on some of those, where as in other nations they’ve got negative interest rates.

        This is the most insane monetary policy and fiscal policy we’ve seen in the US and on a global scale ever in the history of the human race, and it is happening on a planetary level. This is all part of the plan to create the globalist “Problem, Reaction, and Solution,” like they do every time, and all the precursor to “The Great Reset.” This is not a conspiracy theory, as it is hiding in plain sight, and they’ve openly declared this is what they want. The theme of the globalist elitist clubs this year in Davos, Switzerland was “The Great Reset,” where you will own less, abandon much of your private property and individual liberties… and like it. Fun times! 😉

          Sep 29, 2021 29:30 AM

          A+……..Watch those pronouns EX…lol

            Sep 29, 2021 29:52 AM

            This monthly gold chart is much stronger than the gdx miners basket…..Gold is out performing equities plus is NOT even close to its B point…And the last several months show shrinking volumes…Conclusion is that gold is in a consolidation and bidding time until cyclical time factors and historical rhythms play out later this year…..Consolidations wear a trader out…Of course once over I believe gold will proceed up in an inflation arc rather than down into a deflation arc…..Geniuses like Rick Ackerman and plenty of others believe that deflation and depression of assets will be what describes our near future…glta

            https://tos.mx/zkOtHnA

            Sep 29, 2021 29:57 AM

            Ha! Thanks Larry.

            Good chart, and yes, we are still well above the B point on there, and I agree it’s more likely, after the consolidation is over, that thing resolve with a breakout to the upside.

          BDC
          Sep 29, 2021 29:30 AM

          “The Great Reset” may have arrived when bot Gold and the Dollar rise significantly.

            BDC
            Sep 29, 2021 29:31 AM

            “both”

          Sep 29, 2021 29:37 AM

          ‘Interesting as always Ex. ‘UBI’ Universal Basic Income, and other insane socialist economic policies of redistribution of wealth implemented ‘will never happen while the only real ‘socialist economic policies of redistribution of wealth’ has been going on for 76 years. It’s called the Pentagon.

            Sep 29, 2021 29:08 PM

            Interesting point regarding the Pentagon and the military industrial machine.

    Sep 28, 2021 28:00 AM

    China Hands You a Copper-Tunity

    by Sean Brodrick – September 28, 2021

    “Copper has been beaten up lately, making it one of numerous grossly undervalued commodities right now.”

    “And on Monday, Sept. 20, copper prices fell off the edge.”

    “A large part of that had to do with the massive Chinese real estate developer, Evergrande; a company that few of us had ever heard of until a few weeks ago.”

    “Short-term speculation around the future of construction in the world’s second largest economy — and the largest consumer of copper — is trumping other forces that support copper prices …”

    https://wealth-wave.com/wealth-wave/china-hands-copper-tunity/

    Sep 28, 2021 28:43 AM

    Ex,

    Copper looks really good setup! I’m fact many commodities look like there going to be golden for at least a couple of years ahead.

    Great points regarding America and risk and how your nibbling.

    In fact I think yesterday/today and possibly tomorrow is for nibbling.

    Take a look at bear creek mining it looks like America in regards to a big bottom happening.

    Take a huge look at strategic metals one of matthews favourite I believe, it looks exactly picture like a monthly 20 year picture of gold which means it will head up from here. We are talking about 14-24 baggers coming in this move which will take 18-28 months give or take.

      Sep 28, 2021 28:29 PM

      Hey Glenfidish,

      Yes, I’m still quite bullish on Copper in the medium to longer term and will not be surprised to see it get a $5 handle, or possibly a $6 handle in the years to come. Many of the larger and mid-tier producers ran well from 2020 into 2021 on the initial break out to an all time high by Dr Copper, but the junior copper stocks didn’t really move much (well except for Filo and Solaris, but those were on bonanza grade drill hits). I anticipate a longer run higher in the juniors as the next few years unfold.

      My personal plan last year was to make money in the PMs on fiscal mismanagement and then to store it in base metals plays like Copper, Nickel, Platinum/Palladium for the longer term commodities run. However, most of the stocks that had run really big the later part of last year and into early this year were my Copper, Nickel, PGM stocks, and the energy metals stocks in Lithium and Uranium. At this point I’ve pulled in my horns some and pulled profits in all those sectors to get more concentrated positions in the Gold & Silver stocks, but still have some exposure to those sectors.

      As for Americas Gold & Silver, I pretty much outlined my thoughts on that one on yesterday’s blog, but I’m at 70% positioned, and looking to add 1-2 more tranches on any further sector weakness for the long haul.

      As for Bear Creek, yes, it’s a nice optionality play on higher Silver prices and should do well in a reversal of pricing trend in Silver, because it is a large low grade bulk tonnage project that needs higher Ag prices and a very large capex to get built and into production. I’ve never owned it personally, but it’s a solid team and solid project.

      For those larger bulk tonnage silver projects I’ve already stocked up on Discovery Metals, Eloro Resources, Guanajuato, and Kootenay Silver for larger optionality plays, and have also owned both Southern Silver and Silver Bull in the past as other large but lower-grade bulk tonnage plays, that I’ve considered.

      For right now, in this part of the cycle, I’m more animated by the high-grade Silver plays that are also on sale like Alexco, Impact, Aurcana, Silvercrest, Vizsla, Silver Tiger, Metallic Minerals, Dolly Varden, and Defiance. In addition I have a few explorers mixed in like Lakewood exploration and Silver Sands for a lottery ticket on drill plays.

      Most of my money in Silver miners is tied up in the silver producers though: Hecla, Coeur, Silvercorp, Endeavour, Excellon, Santacruz, as well as few already mentioned above.

      Yeah, Strategic Metals… there’s a blast from the past. They’re and interesting company, and I used to own them but haven’t looked at them in a while. They’ve got a hybrid business model where they do some exploration, some prospect generation farming out projects, and then hold a basket of mining stocks equities where they’ve put seed capital into a lot of other explorers. I’ll need to go back and check into what they are doing at present.

      Ever Upward!

        Sep 28, 2021 28:48 PM

        If i was buying , or trading mineing companys . I would go 50% silver 20% gold & 30% copper ….. Would i be mad ?

          Sep 28, 2021 28:52 PM

          No, you’re sane. The Russian Dmitry Orlov thinks it’s better to have things that are useful, one reason he’s big on Russia with it’s oil and gas. But silver and copper would also be included.

          Sep 28, 2021 28:13 PM

          Good thoughts IrishT. In my trading portfolio for resources stocks I’ve got about 35% Gold, 30% Silver, 15% Uranium, 15% Copper/PGM/Nickel, and 5% Lithium and clean energy.

          However your 50% Silver, 20% Gold, 30% Copper strategy makes a lot of sense as well.

          Once we get more liftoff in the PMs, I’ll likely pull some out of the Gold positions to beef up the Silver positions even more, and then move a small amount over to Copper over time along with other base metals plays. With the Uranium, it was closer to 25% at it’s peak but is down substantially from there, about half of what it was now as I’ve been adding back to positions sold, but I moved a lot of that over to the PMs. Earlier in the year I was about 20% Copper, PGMs/Nickel, and other base metals, but I’ve reduced that down as well and moved those over to the PMs as well. As a result the Gold and Silver holdings have swelled in weighting over the last 6 months, but I feel a bit too overweight the PMs at present. It just seems like the better risk reward set up, but my goal is to get it down to 25% Silver, 25% Gold, 25% Copper/PGMs/Base Metals, and then 15% Lithium/Clean Energy (Solar/Wind/GeoThermal) and then 10% Misc (like Cannabis, Agricultural stocks, cryptos).

    Sep 28, 2021 28:48 AM

    GDX day, TD9 count bottom pattern forming ….Await RSI divergence…..Bottoms occur on 9 the bar prior or following 9……Need a close above 30.02 the OUL to confirm..Sufficient fibonacci levels hit on various time frames….Monthly chart blew through the 3/1/21 bar already w big volume….That is presumed the B point of an AB=CD down……So I will call this right here a counter trend rally….I got in earlier and may add to the position…Not a good idea….considering it…..

    https://tos.mx/l1F4yNE

      Sep 29, 2021 29:38 AM

      I correct the march bar volume conclusion…drawings are in the way….It looks actually as if the volume this month will NOT exceed the march B point….so things are NOT set in stone that this possible AB=CD actually occurs….

      https://tos.mx/oLTD1sI

    BDC
    Sep 28, 2021 28:21 PM
      BDC
      Sep 28, 2021 28:19 PM

      Market close update.

    Sep 28, 2021 28:05 PM

    The Fed Governors resigning was triggered by a Letter (from Eliz WRren) to The Fed and individual Governors concerning trading that appeared to be a conflict of interest. The two governors were pointed out. I don’t think it was voluntary but “running from prosecution” possibilities.

    Sep 28, 2021 28:06 PM

    Eliz Warren

    Sep 28, 2021 28:44 PM

    Looks like the market was not impressed by the Novo drill results at Talga Talga.

      Sep 28, 2021 28:29 PM

      Not sure drill results matter. Algos can’t read. At some point they destroy all markets or reality takes over and someone goes to jail. Good start with some Fed Governors resigning. It means they believe somebody is looking into criminality.

        Sep 29, 2021 29:53 AM

        “Looking.”… but no cigar…. lol…. DOJ, asleep at the switch for their buddies….
        Hand slap, and a bonus…. is what they will receive for their dedicated cover ups….
        Fake Fed, fake results….

          Sep 29, 2021 29:06 AM

          Dallas Fed President Traded S&P 500 Futures. Dallas Fed Will Not Say If He Shorted the Market During Pandemic Crisis in 2020.

          By Pam Martens and Russ Martens – Wall Street On Parade – September 18, 2021

          “A transaction that has been missed by major news outlets on the financial disclosure form for Dallas Fed President, Robert Kaplan, is a line item showing that Kaplan made “multiple” trades of more than $1 million in S&P 500 futures.”

          “This is a stunning revelation for a multitude of reasons. First, Kaplan’s financial disclosure form shows that he already had exposure to the S&P 500 through more than $1 million in an S&P 500 Exchange Traded Fund (ETF), which trades during regular stock market hours.”

          “Using S&P 500 futures gave Kaplan access to making directional bets on where the market would go after the stock market closed, which is typically when the Fed makes market-moving announcements.”

          https://wallstreetonparade.com/2021/09/dallas-fed-president-traded-sp-500-futures-dallas-fed-will-not-say-if-he-shorted-the-market-during-pandemic-crisis-in-2020/

            Sep 29, 2021 29:40 AM

            Throughout 2020, Kaplan was a voting member of the Fed’s Federal Open Market Committee (FOMC) and had access to non-public information.

            You know he is guilty,…..Just like Nancy….. they are all in it TOGETHER…..like duh…

            Sep 29, 2021 29:41 AM

            Yellen and the Treasury…. all guilty…… FASBE 56….. No rules , No accounting….

            Sep 29, 2021 29:16 PM

            Yes indeed OOTB. That is precisely why Kaplan wouldn’t comment on it… caught red-handed.

            As Joel mentioned in the editorial above, it just isn’t a good look for the Fed.
            (not that they looked great prior to this or anything… just more confirmation).

    b
    Sep 28, 2021 28:05 PM

    Agnico Eagle, Kirkland Lake create new gold giant in $10bn merger
    The combined company will have a market capitalization of about $24 billion and 48 million ounces of gold reserves.

    I didnt read the thread so I dont know if this was mentioned or not but I thought it was post worthy.

      Sep 28, 2021 28:25 PM

      yeah b, that is definitely the big M&A news of the year in the Gold mining space.

      We had posted it on yesterday’s blog, but it is definitely a merger of two of the best Major producers under 1 roof with Agnico Eagle and Kirkland Lake and worth mentioning again for sure.

    Sep 28, 2021 28:03 PM

    Oversold ASA is finally at its 2 year MA as well as a couple other supports…
    https://stockcharts.com/h-sc/ui?s=ASA&p=D&yr=1&mn=3&dy=18&id=p59036658618&a=982748961

    Sep 28, 2021 28:27 PM

    Bitcoin Miners Eye Nuclear Power as Environmental Criticism Mounts

    Wall Street Journal – By Jennifer Hiller – Sept. 26, 2021

    “Bitcoin miners, under fire for their sizable environmental footprint, are forging partnerships with owners of struggling nuclear-power plants with electricity to spare.”

    The matchups have the potential to solve key issues facing each industry, executives and analysts say: Electricity-hungry bitcoin miners want stable and carbon-free power, while nuclear plants facing competition from cheaper power sources need new customers.”

    https://tinyurl.com/6jpusvzc

    Sep 28, 2021 28:49 PM

    Yesterday was a double fork failure for QQQ so today’s big volume decline makes sense…
    https://stockcharts.com/h-sc/ui?s=QQQ&p=D&yr=1&mn=1&dy=0&id=p64827973758&a=1019664217

        Sep 28, 2021 28:13 PM

        I had a nice quick pop in my SPXS short on the S&P 500, but I sold it into the close today to pull profits.

        After looking at that Nasdaq chart I’m thinking maybe I should have left it on for the general markets to keep correcting further. I guess I could grab a position back in (SQQQ) again to short the Nasdaq. It also popped nicely today up over 8%.

          Sep 28, 2021 28:17 PM

          If we see a bullish rebound tomorrow in the general markets, then I may put back on the (SPXS) and also add back the (SQQQ) for an inverse play on both indexes.

          I had also had a small win a few weeks back with (RWM) shorting the Russell 2000, but it hasn’t had as much of a move as the SPXS and SQQQ have recently. Maybe it’s day is coming though, as the Russell 2000 has been stuck in more of a sideways channeling pattern.

          Sep 28, 2021 28:47 PM

          EX-that was a great trade!…With the vix ROC( rate of change) way greater than 10%, about 24%…It signals pops or bottom within 48 hours…usually less…but since the spot vix is still above the 50 ema it is still where bearish things happen…..so taking profits is smart net net for now…we are not yet in panic selling mode….my2cents

            Sep 29, 2021 29:05 AM

            Thanks Larry. Yes, I’m not sure we are quite at the panic selling mode yet, and I figured it was better take the chips off the table while I they were in my hand (one in the hand is better than 2 in the bush). “Nobody ever got hurt pulling a profit” as the saying goes…

            It is likely we’ll see the “buy the dip” crew come into the markets and try and push things back up again, and if/when they do, I’ll just put the short positions right back on again for another trade, as it would seem it’s going to take more and more effort to keep things elevated, but I’d anticipate a whipsaw sideways market for a while.

            The main financial institutions are not going to give up too easily on the never-ending bull market, and money on the sidelines has been trained to buy dips in the market that can only move one direction — Up!

            Still, there are cracks under the surface now in market breadth and participation, and it remains the case that only a few dozen names are holding up most of the major indexes. When the cracks turn into structural damage, and the foundation needs repair, then it will be time to leave the shorts in place for the panic selling, but we aren’t quite there…. yet.

    Sep 28, 2021 28:51 PM
    Sep 28, 2021 28:52 PM

    Surprise Crude Build Caps Oil Prices

    By Julianne Geiger – Sep 28, 2021

    “U.S. oil production had been down more than a million bpd over the last couple of weeks, but crude production ticked up for week ending September 17, to 10.6 million bpd—with more than 84% of Gulf of Mexico oil producers finally back online after Hurricane Ida made landfall at the end of August. ”

    “The API reported a build in gasoline inventories also, of 3.555 million barrels for the week ending September 24—compared to the previous week’s 432,000-barrel draw.

    “Adding to the across-the-board builds, distillate stocks saw a increase in inventories this week of 2.483 million barrels for the week, compared to last week’s 2.720-million-barrel decrease.”

    https://oilprice.com/Latest-Energy-News/World-News/Surprise-Crude-Build-Caps-Oil-Prices.html

      Sep 28, 2021 28:24 PM

      Is this the beginning of Schachter’s prediction? Could get some oil companies at better prices closer to Christmas.

        Sep 29, 2021 29:19 AM

        Good question Terry. Yes, it remains to be seen which side will win the energy sector tug-of-war. We bring on Oil bulls that see $80-$100 prices on the horizon, but then counter-balance that with Oil bears, looking to see a return to the $60s to $50s before bottoming. It will be fascinating to see which side wins out.

        In a sense, I agree with the comments Joel made up above in today’s editorial that we likely have plenty of Oil and Gas, but the issue is more around processing it and getting it shipped and delivered. OPEC is done taking orders from the US and while they ramped up production some from where they were, they don’t have a desire to placate the US desire for lots of new production to drive down prices and give consumers and businesses a break. As a result, Oil has remained elevated, and when we saw Oil dip down into the mid $60s two months back, many felt that the run was over and the $50’s were back on the menu. Clearly that is not what happened and we are back in the mid $70s again just a short while later.

        The negative US policies on Oil and Nat Gas are as absurd as it gets, where we just were the largest exporter of fossil fuels and now, a few years later, have blocked the Keystone Pipeline, made it impossible to continue fracking, missed a huge opportunity to export Nat Gas at massive profit other nations starving to feed their new Nat Gas power plants, and are back to begging other countries for more Oil and Gas when we have some of the most well-endowed resources anywhere. It’s truly nuts, where the US should continue to be the leader in energy production, but but that’s the “woke” world we live in…. more asleep than ever.

        If we do get the pullback in the Oil/Nat Gas sector that the bears want, then I’m considering finally going back in and buying some of the energy companies, especially the ones in Canada, to Doc Jones point in his daily editorial from Monday. Capital is leaving the US energy companies and rotating to Canada, Central and South America, and Africa once again, so I’d like to get some exposure in my portfolio to basket of stocks that can capitalize on this sea change.

          Sep 29, 2021 29:30 AM

          Terry, you’ve also mentioned a few Chinese energy companies recently that I’ll need to look into more closely once I have more time to focus on that sector. Thanks for sharing those with us here at the KER.

          Right now I’m not looking to chase things higher, and as mentioned above, if we do get that pullback in Oil/Nat Gas that the bears are hoping for, then I’ll go on the prowl for a few names to build an energy basket from.

          BDC
          Sep 29, 2021 29:41 AM

          The Petrodollar effect remains a powerful force driving Dollar strength.
          When Oil turns it will likely take a hit, turning other markets.
          Note Energy Sheet: https://tinyurl.com/2vc9pznu

            BDC
            Sep 29, 2021 29:44 AM

            PM Royals lead lower. Serfs follow.
            The EV thrills are gone for now.
            Don’t scratch off Wednesday:
            https://www.youtube.com/watch?v=fbwAOCHNj44

            Sep 29, 2021 29:57 AM

            Thanks BDC. Yes, it looks like the Oil stocks are at a max saturation level on your tables the last few days, and ready for a turn, and as you mentioned that could be a hit to the downside with the strengthened Dollar.

            It also looks like the larger royalty miners are due for a turn as well, as you mentioned, so looking to see which direction things break there.

            BDC
            Sep 29, 2021 29:27 AM

            Good morning. Dollar climbs yet PMs hold. Turns soon?
            https://saturationtiming.blogspot.com/2021/09/dollar-break-imminent-which-way.html

            BDC
            Sep 29, 2021 29:48 AM

            Added Cameco (CCJ) which may be a leading indicator for Uranium. If it drops below last Friday then a dynamic power move is triggered, meaning continued daily downside (at least one day).

            Sep 29, 2021 29:59 AM

            Good idea on adding Cameco as a bellwether for the Uranium sector. Between (CCJ) and the Uranium Mining ETF (URNM) it should be enough to assess the primary direction of most Uranium stocks in the small universe of 65 or so U stocks.

    Sep 28, 2021 28:01 PM

    Bearish divergence: The weekly RSI(14) readings for the Dow and the S&P500 are at 11 month lows even though their respective prices are nowhere near 11 month lows.
    https://stockcharts.com/h-sc/ui?s=SPY&p=W&yr=3&mn=11&dy=0&id=p43907819679&a=1030571907

      Sep 28, 2021 28:02 PM

      April low looks like slam dunk for re-test…..

      Sep 28, 2021 28:38 PM

      What a chart… can someone call The Fed and see how much a chart like that costs…. 🙂

    Sep 29, 2021 29:01 AM

    This seems like a pretty obvious statement from Musk, but apparently it’s news… Lol.

    No real breakthrough insights here, just thought it was funny that this was a headline article.

    _______________________________________________________________________________

    Elon Musk Suggests China’s Cryptocurrency Crackdown Is Related To The Communist Party Maintaining Its Grip On Power

    Kali Hays – Tue, September 28, 2021 – Business Insider

    “It would appear they don’t love crypto,” he said during an interview on stage at the Code Conference in Los Angeles on Tuesday. “I suppose crypto is fundamentally aimed at reducing power of centralized government and they don’t like that, is my guess.”

    https://www.yahoo.com/news/elon-musk-suggests-chinas-cryptocurrency-220403759.html

      Sep 29, 2021 29:10 AM

      What a stunner!

      A party that imprisons millions, sell organs on the black market, arrests political opponents and does all manner of horrid things is actually interested in staying in power! What a surprise.

        Sep 29, 2021 29:10 PM

        +1 Agreed Mike.

    Sep 29, 2021 29:12 AM

    China Energy Crisis, Dollar Strength, Oil Inventories – What’s Moving Markets

    Sep 29, 2021 By Geoffrey Smith

    “U.S. stocks are set for a rebound after their worst day in months. The dollar eases – but only a bit – from 10-month highs, while Treasury yields stabilize above 1.50%, as the political theater continues in Washington. Fed Chair Jerome Powell sits down for a chat with counterparts from the ECB, Bank of England and Bank of Japan, and oil prices drop from three-month highs after a surprise rise in U.S. stockpiles. ”

    1. China falls, Europe bounces
    2. Dollar eases from highs as debt ceiling drama continues
    3. Stocks set for corrective bounce
    4. Powell to join central bank fireside chat; European inflation pressure rise
    5. U.S. stockpile rise takes steam out of oil rally; EIA data eyed

    https://www.investing.com/news/economy/china-energy-crisis-dollar-strength-oil-inventories–whats-moving-markets-2629489

      Sep 29, 2021 29:59 AM

      China…historically great innovations and culture and beautiful women…now slaves…

        Sep 29, 2021 29:33 AM

        You’re right about the women.

    Sep 29, 2021 29:13 AM

    China owns a lot of gold. They have encouraged their people to own gold in past. Maybe they are attempting to undermine the West. Maybe they are undermining all digital coins except government owned and controlled digital. Their way of having a Comex.

    b
    Sep 29, 2021 29:34 AM

    A while back there was talk of 1650-1600 gold hmmm
    Dent predicted 1000? I think that prediction is still good until he at least retires.

    I wonder tho, how little interest is there in gold.

    Should the market actually crash here, geez I could see gold tanking big time.

    Might be tuff finding phyzz to buy tho.

    Wish I had a crystal ball that worked, mine is cloudy.

      Sep 29, 2021 29:13 PM

      The concern is that the $1673 support from the March low is broken on the move downwards, because that opens up a move down into the low $1600s and potentially that 50% retracement move down to $1550. $1000 is a long ways off from present levels, as is Dent’s credibility.