<< <i>One of those banks is still I'm consolidation mode. I like selling puts on sideways stocks. >>
I hope you caught ROST on the downslope. You successfully solved a piece of the puzzle another thread that I alluded to.
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......
Interesting strength to the miners today as they closed higher on the day despite a $20 knockdown to gold from $1736 to $1716. While many made slightly lower lows, many did not. Eldorado Gold for one has at least 7 good attempts in the past 6 weeks to close a tiny 20c gap at $13.80. Yet it refuses to be pushed down below $14 for any length of time. Uncanny resilience today in the better miners. This while gold tagged its 50 dma and silver closed below its 50 dma with an embedded slow stoch. GSr got up to 53.84 today but the full gap zone is still higher at 54.3. Crazy day for Nugt and Dust as they swung in both directions. 2 gain of 16% for Dust. Dollar moved up to the 79.6 resistance/support area on 5 waves. Not much in the way of resistance between here and 80. It's probably headed to at least 80.2 to 80.7 to carve a right shoulder on a 10-12 month H&S. I don't think it will have the oomph to get back to 81.7 to form a more symmetric H&S.
The commercials already started cutting down on their fairly new dollar long position. They don't seem to think the dollar's bounce will last long. COT report showed commercials covering 24K in net gold shorts and almost no silver shorts. Short to long gold ratio dropped from 3.06 to 2.91. With the shorts dumped the past 3 days, the ratio is probably 2.6 to 2.7 as of today. When they first loaded up on shorts in August they did a net 61K in two weeks. I suspect after next week they will have peeled off at least that many. If they can drop the ratio to 2.2 or even 2.4 it might be enough of a reset. Don't think we get this back to under 2.00 where steeper corrections often take it.
$1690/$31.10 are my targets for next week (give or take $10/20c). I'd like to see the miners fill that GDX gap at $48 but they may not get there.
No kidding. CMG is down over 200 burrito's since April.
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>"Fundamentals" took it to 440.....and they'll take it right back to 175. >>
Actually it was more buyers than sellers that took it to 440 and will be more sellers than buyers that takes it to 175.
Same happens with EVERY asset. Yup, all of them. >>
What...no conspiracy or manipulations involved? Or is it just a case of fundamental economics? >>
Actually it was the evil banksters who kept promoting the stock saying the "fundamentals" were great. They said, "People gotta eat and have been doing that for the last 3000 years. Food has always held its value and is great protection from malnourishment."
So I dont think we should be worried about this decline in price. People gotta eat!!!
<< <i> What...no conspiracy or manipulations involved? Or is it just a case of fundamental economics? >>
HFT algos took it up...and then HFT's brought it down. A lot of that going around these days. We could debate if that qualifies as manipulation or conspiracy.
Surprised that yesterday GLD came within a few tenths of a gap fill at 164.3 but failed to get it. All it needed was $2 lower on the gold price to $1696. Will have to see how "real" this current bounce is as it runs into resistance at $1717-$1727 again. Gold and silver have broken down some H&S patterns that point to the $1650-$1675 / $30 area. During the past 10 October/Novembers a low made during this last full trading/OX week remained the low 70% of the time into November. The only 3 times that was violated occurred by the first full trading week in November. In each of those 3 cases gold went higher by end of month. November 2010 was the only time where it saw two retests by mid-Nov close to the October low (but not a lower low). So a low this week or by the election "should" by all probabilities be the low for this period.
<< <i>So silver and platinum are the real stars of the past 4 weeks, but my focus is on gold for trading. The last time QE was announced I believe gold took off for several strong weeks. This pattern here looks STRONG. McLellan's not expecting any kind of a top until Sept 24, and correctly called the low on the 7th. Today took us to the bottom of the channel formation on my chart. I don't think an unreasonable near term goal is the middle trendline that I have, which would take us to the mid $1900's. The timing on the near term move will probably take us to the election, at which point there will probably be a pretty good retracement before another move into June next year. This is eerily like other years where gold started falling apart in November/December after a huge move and recovered in Jan.
ProofCollection in July trading thread July 27: It's too early to be 100% sure but with the solid weekly close this looks like it is THE BREAKOUT most of us have been waiting for. I'm glad I climbed onto this move at that point, my account has tripled so far and this is just the beginning. >>
PC, each time gold has broken one of those uptrend lines it has failed to get back above it. Why do you think this time is different? >>
Comments
<< <i>One of those banks is still I'm consolidation mode. I like selling puts on sideways stocks. >>
I hope you caught ROST on the downslope. You successfully solved a piece of the puzzle another thread that I alluded to.
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......
lows, many did not. Eldorado Gold for one has at least 7 good attempts in the past 6 weeks to close a tiny 20c gap at $13.80. Yet it refuses to be pushed down below
$14 for any length of time. Uncanny resilience today in the better miners. This while gold tagged its 50 dma and silver closed below its 50 dma with an embedded slow stoch.
GSr got up to 53.84 today but the full gap zone is still higher at 54.3. Crazy day for Nugt and Dust as they swung in both directions. 2 gain of 16% for Dust. Dollar moved up
to the 79.6 resistance/support area on 5 waves. Not much in the way of resistance between here and 80. It's probably headed to at least 80.2 to 80.7 to carve a right shoulder
on a 10-12 month H&S. I don't think it will have the oomph to get back to 81.7 to form a more symmetric H&S.
The commercials already started cutting down on their fairly new dollar long position. They don't seem to think the dollar's bounce will last long. COT report showed commercials
covering 24K in net gold shorts and almost no silver shorts. Short to long gold ratio dropped from 3.06 to 2.91. With the shorts dumped the past 3 days, the ratio is probably
2.6 to 2.7 as of today. When they first loaded up on shorts in August they did a net 61K in two weeks. I suspect after next week they will have peeled off at least that many.
If they can drop the ratio to 2.2 or even 2.4 it might be enough of a reset. Don't think we get this back to under 2.00 where steeper corrections often take it.
$1690/$31.10 are my targets for next week (give or take $10/20c). I'd like to see the miners fill that GDX gap at $48 but they may not get there.
<< <i>
<< <i>Wow, GOOG pooped the bed. MJ >>
My favorite stock is rather weak tonight also.
No kidding. CMG is down over 200 burrito's since April.
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>Wow, GOOG pooped the bed. MJ >>
My favorite stock is rather weak tonight also.
No kidding. CMG is down over 200 burrito's since April.
MJ >>
But I thought they had great food at great prices and lines out the door. Dang those "fundamentals".
Knowledge is the enemy of fear
Well I just hated to see this thread go 3 pages back, I read you folks all the time and miss your posts........
<< <i>Well I just hated to see this thread go 3 pages back, I read you folks all the time and miss your posts........
Agree
ProofCollection needs to get a new crystal ball though
<< <i>"Fundamentals" took it to 440.....and they'll take it right back to 175.
Actually it was more buyers than sellers that took it to 440 and will be more sellers than buyers that takes it to 175.
Same happens with EVERY asset. Yup, all of them.
Knowledge is the enemy of fear
<< <i>
<< <i>"Fundamentals" took it to 440.....and they'll take it right back to 175.
Actually it was more buyers than sellers that took it to 440 and will be more sellers than buyers that takes it to 175.
Same happens with EVERY asset. Yup, all of them. >>
What...no conspiracy or manipulations involved? Or is it just a case of fundamental economics?
<< <i>
<< <i>
<< <i>"Fundamentals" took it to 440.....and they'll take it right back to 175.
Actually it was more buyers than sellers that took it to 440 and will be more sellers than buyers that takes it to 175.
Same happens with EVERY asset. Yup, all of them. >>
What...no conspiracy or manipulations involved? Or is it just a case of fundamental economics?
Actually it was the evil banksters who kept promoting the stock saying the "fundamentals" were great. They said, "People gotta eat and have been doing that for the last 3000 years. Food has always held its value and is great protection from malnourishment."
So I dont think we should be worried about this decline in price. People gotta eat!!!
Knowledge is the enemy of fear
<< <i> What...no conspiracy or manipulations involved? Or is it just a case of fundamental economics?
HFT algos took it up...and then HFT's brought it down. A lot of that going around these days. We could debate if that qualifies as manipulation or conspiracy.
Surprised that yesterday GLD came within a few tenths of a gap fill at 164.3 but failed to get it. All it needed was $2 lower on the gold price to $1696.
Will have to see how "real" this current bounce is as it runs into resistance at $1717-$1727 again. Gold and silver have broken down some H&S patterns that
point to the $1650-$1675 / $30 area. During the past 10 October/Novembers a low made during this last full trading/OX week remained the low 70% of the time
into November. The only 3 times that was violated occurred by the first full trading week in November. In each of those 3 cases gold went higher by end of month.
November 2010 was the only time where it saw two retests by mid-Nov close to the October low (but not a lower low). So a low this week or by the election "should"
by all probabilities be the low for this period.
<< <i>
<< <i>So silver and platinum are the real stars of the past 4 weeks, but my focus is on gold for trading. The last time QE was announced I believe gold took off for several strong weeks. This pattern here looks STRONG. McLellan's not expecting any kind of a top until Sept 24, and correctly called the low on the 7th. Today took us to the bottom of the channel formation on my chart. I don't think an unreasonable near term goal is the middle trendline that I have, which would take us to the mid $1900's. The timing on the near term move will probably take us to the election, at which point there will probably be a pretty good retracement before another move into June next year. This is eerily like other years where gold started falling apart in November/December after a huge move and recovered in Jan.
ProofCollection in July trading thread July 27:
It's too early to be 100% sure but with the solid weekly close this looks like it is THE BREAKOUT most of us have been waiting for.
I'm glad I climbed onto this move at that point, my account has tripled so far and this is just the beginning.
PC, each time gold has broken one of those uptrend lines it has failed to get back above it. Why do you think this time is different? >>
PC, can you update this chart?
Knowledge is the enemy of fear
<< <i>PC, can you update this chart? >>
He's busy shopping for a new crystal ball