8 thoughts on “CHARTS OF THE DAY

  1. BenzRabbit

    What is your opinion on the Nasdaq? I believe it will make a double top matching the 2000 high before we plunge down on all indices.

  2. Gary

    I’m not trying to pick a top here. The Fed is trying to prop this market up as the continue the taper. They don’t want a repeat of 2010 & 2011. Picking a top with the Fed actively intervening in the market is dangerous.

  3. Gary

    FWIW I was also in the camp for a double top above 5000 but then the Ukraine event happened and the markets chewed through a big chunk of the intermediate cycle without going anywhere. Unless a runaway move develops there shouldn’t be enough time left in the intermediate cycle for the Nasdaq to reach 5000 before an intermediate top.

    1. Gary

      No question. Long gold. A short position can only drop 100% and since it’s impossible for the stock market to go to 0 realistically the most one could expect to make shorting SPY would be 40-50%. Gold normally rises 20-25% during one intermediate cycle.

  4. Anonymous

    Gold is going to 1000 oz. and will probably go a little underneath that to wipe out all stops. Stay out.

  5. Anonymous

    Interesting how far gold’s parabola got above its MA. Maybe there’s further to go on the downside there too.

Comments are closed.