Undercut bottom in the dollar coming next? Maybe.
Currencies are tricky SOB’s. Be aware we may still get one more drop to form an undercut low and catch shorts on the wrong side of the market.
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Gary for all the work you do, it awesome. So when would you negate this undercut scenario?
does the dollar have to go up 3 days in a row or above the 20 ema? Thanks
That’s just one of those things I have to decide in real time. I don’t like to trade currencies because they are so unpredictable and one never knows when a central bank might intervene, but I think even if we do get an undercut you could still buy tomorrow as the drawdown wouldn’t last long and wouldn’t be very severe before the dollar turns and heads higher into its next intermediate rally.
We should be getting close to the daily cycle low in stocks, and there is a chance it occurred on Monday.
Remember the time to buy is when you are most afraid to pull the trigger.
So Gold may go up for a few more days?
I think gold probably formed it’s intermediate top on the breakout. That’s how baby bulls come to an end. They complete some kind of breakout that gets everyone over the top bullish and then the last short covers and the last long buys.
Now that Trump is the nominee, what are the chances the PPT vacates it’s support for stocks and the administration blames him (Trump) for future declines?
I doubt it. The establishment will want Hillery over Trump and that will never happen with the market tanking.
well, maybe the establishment can’t control it all as usual….
Watch the McClellen oscillator. Anything under -60 and we should be in the zone for the DCL.
From SeekingAlpha:
“More than 60K residents of the Canadian oil city of Fort McMurray evacuated overnight as authorities battled an out-of-control wildfire.
“Suncor Energy (NYSE:SU) said late last night that it was “reducing production” at all of its oil sands operations in the region; the company, which produces 453K bbl/day from its oil sands sites in northern Alberta, did not quantify the volume or timeline for the reduced output.
Many Gold bug sites are awfully quiet today lol … in the mean time Traders make money worshipers keep on worshiping..GO DUST!
https://www.youtube.com/watch?v=9HGMxZEl60k
In trolling the gold bug site once again, each and every down tick on the HUI most keep saying ” Ok this is the buy point ” seriously some of these people are truly clueless traders… THE MOVING AVERAGES NEED TO PLAY CATCH UP PEOPLE!!! sheesh wake up already, always the same tune with these people. Guaranteed guaranteed most will ride this sucker all the way back down…
I doubt that, as I am still waiting for the Intermediate Cycle uptrend line on the Miner’s (GDX) to break to the downside. I got in low and am still riding riding the bull here. Gold is now up in the aftermarket and GDX was on top of the Buying on Weakness (BOW) list.
http://online.wsj.com/mdc/public/page/2_3022-mfgppl-moneyflow.html?mod=topnav_2_3000
Here are a couple of my miner position that appear to be just consolidating their breakouts.
https://goldtadise.com/?p=368930
https://goldtadise.com/?p=368911
Lastly, here is a post by Mark at Goldtent that speaks to you” moving average catchup.” Mark is one sharp cookie that I would not bet against.
https://goldtadise.com/?p=368920
Hey Surf, yes I frequent GT as well as Turds and all the other gold sites ( pick one ), I’m not a stranger to this area of the market. All Im saying is we ran very fast and it can drop just as fast. Im old turkey on a few, SAND being one. I try not to let hubris get to me as it did in the past, I believe in the bull market, but I also believe in corrections as well.
Thanks for all you do over at GT
Bill, Thanks. I have a core as well but also some more liquid trading shares. Still waiting for the IC trend line break to sell my trading shares is all. At 6 months from early Dec you would think that would have happenened by now. Looks like the daily cycle broke down today so maybe it starts tomorrow.
That said many chart patterns still look bullish this far into this move. Crazy stuff. Generational move so I’m riding the bull for now.
I think we are hitting the “scared to buy” time for biotechs….
Looks like BIB may be headed to 30 this month.
Are you kidding me!
Who is buying Biotech’s here. Talk about catching a falling knife.
healthy pull back on gold stocks…