The reflation trade is coming back again. It does look like the volatility in the SM this week was to pick off weak hands, then push higher once again. Gold ended up much stronger than usual for a dual bond/expiration week. But did give the opportunity to pick off some gold cheap on Monday and Tuesday mornings. Gold and silver stocks afforded the safe opportunities. But by Wednesday any weakness was gone. The typical Thursday recovery came 1-2 days early, though the stock market did recover on Thursday. Next milestone is the 1st trading day in May. Things look on course for a 10th consecutive month of upmoves during the start of the new month.
GSR dropped sharply today but is still within its uptrend band. Even the FXE/FXY ratio "jumped" back inside what I earlier called a descending triangle. Maybe it's just a descending flag that will ultimately resolve itself upwards. Nzd/Xjy hung much better than the Fxe/Fxy pair and rebounded strongly yesterday. With the Euro being such a mess maybe the whipsawing in the euro/yen ratio is losing some significance.
I can count a number of gold miners with 5 legs up over the past 2 weeks. Would not be surprised to see some consolidation here while silver and other areas take to the front.
Proctor and Gamble today reported that they have CUT prices by an average of 3.5%. These are everyday products used by everyone.
They say "Sell in May and go away". This hasnt been that accurate, but there may be a pattern. The market was up in 2003, 05, 07, 09, but down in 04, 06, and 08. Will it be down in 2010?
I think the bulls would have liked to see more volume today. Energy and materials were notable laggards.
I really like how gold has been consolidating here over the past few days, looks MEGA bullish to me. In addition to the trend of the first day/week of the month being bullish, I see that the gold charts are loaded in all time frames and it is ready to pop. But I think we'll have to wait for Monday, although there's probably a chance we'll see something on Friday. I am going to load back up to 125% of my positions on any dip or late on Friday. Call me greedy or foolish but the charts are ready. $1168 is ready to give way and take us up to 1190 or better next week.
Also with all of the hub-bub regarding the euro this week, I have a feeling there'll be some significant news this weekend to send PM's off.
I'm further encouraged by stocks as I mentioned earlier. I think the rally is decisively back on track despite the low volume, as the recovery from the dip was rapid and wasted no time... easily dismissed by the market.
Gold just jumped $4.00 in the last few minutes. Let's see if it continues its move up throughout the night as Europe begins to wake up to a new day.
American Numismatic Association Governor 2023 to 2025 - My posts reflect my own thoughts and are not those of the ANA.My Numismatics with Kenny Twitter Page
<< <i>Gold just jumped $4.00 in the last few minutes. Let's see if it continues its move up throughout the night as Europe begins to wake up to a new day. >>
Yes, we may just have a big Friday since we penetrated 1168 decisively again. Too early to say if this is it or one more dip down to ~1165 is in store.
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Notice the price oscillator has bottomed and is turning up. Notice the Chaikin Money Flow indicator is on a nice upward trend, but is only in the low 60's.
I cant see new money coming into the market Friday, ahead of what may be a contentious weekend in Europe.
All going according to plan. I believe most markets are closed in Europe on Monday so that gives the Europeans an extra day to contemplate. As Ash said to Ripley in ALIENS " I can't lie to you about your chances, but... you have my sympathies.". One of my favorite movies.
<< <i>I cant see new money coming into the market Friday, ahead of what may be a contentious weekend in Europe.
All going according to plan. I believe most markets are closed in Europe on Monday so that gives the Europeans an extra day to contemplate. As Ash said to Ripley in ALIENS " I can't lie to you about your chances, but... you have my sympathies.". One of my favorite movies. >>
FWIW China's markets are closed pretty much all of next week........MJ
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>I cant see new money coming into the market Friday, ahead of what may be a contentious weekend in Europe.
All going according to plan. I believe most markets are closed in Europe on Monday so that gives the Europeans an extra day to contemplate. As Ash said to Ripley in ALIENS " I can't lie to you about your chances, but... you have my sympathies.". One of my favorite movies. >>
FWIW China's markets are closed pretty much all of next week........MJ >>
Dang, must be nice.
Because I did mention the Shanghai market a few days ago, a follow up is needed. After 3 days of trying to hold above the Feb lows, the market did close below Feb on Friday. Momos look sick, and while I would guess it is headed for further declines, I dont trust it and will not be playing. Its direction will have an impact on industrial commodities though.
I don't follow the charts like most here do, but it seems like whenever silver gets close to $19 or even gets a little above it, it doesn't stay there long. It drops fairly quickly and in no time we're back in the mid to high $17 area. So when do we punch through $19 and never look back?
Darin, IMO, now is the time. We are almost at the end of sub-$20 silver for a while. >>
Just my luck, I post and the thread becomes obsolete. Thanks for the response, I hope you're right but I think it'll be the same old thing. Because I think we're at the high end of silver's range I sold my boutique silver to APMEX Friday.
<< <i>I cant see new money coming into the market Friday, ahead of what may be a contentious weekend in Europe.
All going according to plan. I believe most markets are closed in Europe on Monday so that gives the Europeans an extra day to contemplate. As Ash said to Ripley in ALIENS " I can't lie to you about your chances, but... you have my sympathies.". One of my favorite movies. >>
FWIW China's markets are closed pretty much all of next week........MJ >>
Dang, must be nice.
Because I did mention the Shanghai market a few days ago, a follow up is needed. After 3 days of trying to hold above the Feb lows, the market did close below Feb on Friday. Momos look sick, and while I would guess it is headed for further declines, I dont trust it and will not be playing. Its direction will have an impact on industrial commodities though. >>
Actually, it looks like they are only closed for sure on Monday. I remembered they were pretty much shut down all week last year Labour Day....MJ
SSE Market Closure Schedule for 2010 Labor Day(2010-04-23) All member units,
The Shanghai Stock Exchange (SSE) hereby announces its market closure schedule for 2010 Labor Day according to the "SSE Holiday Schedule for 2010" (Shang Zheng Jiao Zi [2009] No. 42). The SSE will close from May 1 (Saturday) to May 3 (Monday), 2010 and open for trading on April 30 (Friday) and May 4 (Tuesday), 2010.
To ensure the successful opening of the Expo, Shanghai has adjusted its Labor Day holiday schedule to the period from April 30 (Friday) to May 4 (Tuesday). Business departments of securities companies in Shanghai may encounter a different holiday schedule from some custodian banks, or be subject to traffic control of the Shanghai Municipal Government. Members who have business departments in Shanghai are expected to do a good job in risk prevention to ensure a safe market operation.
Please make relevant arrangements according to the notice.
Shanghai Stock Exchange
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Comments
GSR dropped sharply today but is still within its uptrend band. Even the FXE/FXY ratio "jumped" back inside what I earlier called a descending triangle. Maybe it's just a descending flag that will ultimately resolve itself upwards. Nzd/Xjy hung much better than the Fxe/Fxy pair and rebounded strongly yesterday. With the Euro being such a mess maybe the whipsawing in the euro/yen ratio is losing some significance.
I can count a number of gold miners with 5 legs up over the past 2 weeks. Would not be surprised to see some consolidation here while silver and other areas take to the front.
roadrunner
They say "Sell in May and go away". This hasnt been that accurate, but there may be a pattern. The market was up in 2003, 05, 07, 09, but down in 04, 06, and 08. Will it be down in 2010?
I think the bulls would have liked to see more volume today. Energy and materials were notable laggards.
Knowledge is the enemy of fear
Also with all of the hub-bub regarding the euro this week, I have a feeling there'll be some significant news this weekend to send PM's off.
I'm further encouraged by stocks as I mentioned earlier. I think the rally is decisively back on track despite the low volume, as the recovery from the dip was rapid and wasted no time... easily dismissed by the market.
Instagram - numismatistkenny
My Numismatics with Kenny Blog Page Best viewed on a laptop or monitor.
ANA Life Member & Volunteer District Representative
2019 ANA Young Numismatist of the Year
Doing my best to introduce Young Numismatists and Young Adults into the hobby.
<< <i>Gold just jumped $4.00 in the last few minutes. Let's see if it continues its move up throughout the night as Europe begins to wake up to a new day. >>
Yes, we may just have a big Friday since we penetrated 1168 decisively again. Too early to say if this is it or one more dip down to ~1165 is in store.
Silver's also looking really good.
Both are a buy on a small pullback.
It couldn't happen to a nicer company
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Notice the price oscillator has bottomed and is turning up.
Notice the Chaikin Money Flow indicator is on a nice upward trend, but is only in the low 60's.
All going according to plan. I believe most markets are closed in Europe on Monday so that gives the Europeans an extra day to contemplate. As Ash said to Ripley in ALIENS " I can't lie to you about your chances, but... you have my sympathies.". One of my favorite movies.
Knowledge is the enemy of fear
<< <i>I cant see new money coming into the market Friday, ahead of what may be a contentious weekend in Europe.
All going according to plan. I believe most markets are closed in Europe on Monday so that gives the Europeans an extra day to contemplate. As Ash said to Ripley in ALIENS " I can't lie to you about your chances, but... you have my sympathies.". One of my favorite movies.
FWIW China's markets are closed pretty much all of next week........MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>
<< <i>I cant see new money coming into the market Friday, ahead of what may be a contentious weekend in Europe.
All going according to plan. I believe most markets are closed in Europe on Monday so that gives the Europeans an extra day to contemplate. As Ash said to Ripley in ALIENS " I can't lie to you about your chances, but... you have my sympathies.". One of my favorite movies.
FWIW China's markets are closed pretty much all of next week........MJ >>
Dang, must be nice.
Because I did mention the Shanghai market a few days ago, a follow up is needed. After 3 days of trying to hold above the Feb lows, the market did close below Feb on Friday. Momos look sick, and while I would guess it is headed for further declines, I dont trust it and will not be playing. Its direction will have an impact on industrial commodities though.
Knowledge is the enemy of fear
So when do we punch through $19 and never look back?
Darin, IMO, now is the time. We are almost at the end of sub-$20 silver for a while.
<< <i>New thread started for May.
Darin, IMO, now is the time. We are almost at the end of sub-$20 silver for a while. >>
Just my luck, I post and the thread becomes obsolete.
Thanks for the response, I hope you're right but I think it'll be the same old thing. Because I think we're at the high end of silver's range I sold my boutique silver to APMEX Friday.
<< <i>
<< <i>
<< <i>I cant see new money coming into the market Friday, ahead of what may be a contentious weekend in Europe.
All going according to plan. I believe most markets are closed in Europe on Monday so that gives the Europeans an extra day to contemplate. As Ash said to Ripley in ALIENS " I can't lie to you about your chances, but... you have my sympathies.". One of my favorite movies.
FWIW China's markets are closed pretty much all of next week........MJ >>
Dang, must be nice.
Because I did mention the Shanghai market a few days ago, a follow up is needed. After 3 days of trying to hold above the Feb lows, the market did close below Feb on Friday. Momos look sick, and while I would guess it is headed for further declines, I dont trust it and will not be playing. Its direction will have an impact on industrial commodities though. >>
Actually, it looks like they are only closed for sure on Monday. I remembered they were pretty much shut down all week last year Labour Day....MJ
SSE Market Closure Schedule for 2010 Labor Day(2010-04-23)
All member units,
The Shanghai Stock Exchange (SSE) hereby announces its market closure schedule for 2010 Labor Day according to the "SSE Holiday Schedule for 2010" (Shang Zheng Jiao Zi [2009] No. 42). The SSE will close from May 1 (Saturday) to May 3 (Monday), 2010 and open for trading on April 30 (Friday) and May 4 (Tuesday), 2010.
To ensure the successful opening of the Expo, Shanghai has adjusted its Labor Day holiday schedule to the period from April 30 (Friday) to May 4 (Tuesday). Business departments of securities companies in Shanghai may encounter a different holiday schedule from some custodian banks, or be subject to traffic control of the Shanghai Municipal Government. Members who have business departments in Shanghai are expected to do a good job in risk prevention to ensure a safe market operation.
Please make relevant arrangements according to the notice.
Shanghai Stock Exchange
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......