11 thoughts on “CHART OF THE DAY

  1. Trader

    As much as I am impressed with your market insight, I am equally impressed with Tim Knight & Gang’s persistent stupidity.

    This market won’t top out until Tim Knight turns bullish!!!

  2. Bill in Tokyo

    Where will the fuel come from? Who would be buying, esp. now that QE3 has ended?

    BTW, the weekly and monthly charts of the S&P look very toppy, w/momentum running out. That’s not to say we could go higher (if we had fuel), but it is to say that we’re close to a top, and that risk is high, in my opinion. In contrast, we seem to be close to a bottom in the PM sector, again referring to weekly and monthly charts.

    Where will the S&P buying fuel come from?

    Thanks Gary.

    1. Petro

      Ours is a growth based system…QE can NEVER end, or we shall have the mother of all margin calls and say hello to Dark Ages…with nukes as a twist, I might add…
      They will change the name (or simply lie and/or not tell at all) from QE to some other clever gimmick (i.e Belgium with a GDP of ~$420B has bought ALL of the treasuries that Ruissa/China sold in the last 6-12 months and then some … roughly ~$380B…ha, ha, ha…) to make you (and millions like you) think that they did indeed end QE …
      …It is IMPOSSIBLE to taper and/or end QE!!! In our current monetary sysytem the amount of debt/credit/money in circulation, or parked somewhere as an investment (of any kind) today MUST be bigger than that – and the accrued interest – of a year ago, or we shall crush in a deflationary death spiral that shall make 1929-1933 look like kindergarten fun and spooky holloween brunch.
      What I told you not even 1% of PHDs in economics know and makes your question mute/nuisance …You are Welcome!
      -As Gary has said repetedly: fed got your back…..until they cant anymore, so market is going up…way up for the time being…..maybe till next fall/winter ….and then….hide…..but most importantly pray!!!
      In the mean time, stick it to your brain: market Will go up and interest on the treasuries Will go down! Fed will never increase interest rates…ever! Neither next spring, nor ever!
      Be well and hedge acordingly.

    2. Roy

      Yeah, we’re just 18 dollars from a bottom in GDX.

      Sheesh. What looks toppy about a normal pull back (finally) that is being aggressively bought to new highs just as fast as possible? A mature bull is still a bull. And you buy bulls. That’s where the fuel comes from. Stay away from SOH. Deleting it from my “Favorites” did wonders for my account.

  3. Roy

    Holy cow! The only thing doing better than a long position in the broad market is a short position in GDX. Down 7.3% on the day! And 8.5 on the juniors. Brutal. Some poor bastard bought that dog yesterday. Ugh.

    i want to be on that baby when the rubber band snaps back. But that might be from the single digits, the way it is looking now. There’ll be a million bucks to be made riding that snap back for anyone with the courage, conviction, and timing to buy LEAPs anywhere even close to the bottom.

  4. gary Post author

    I really doubt the Fed is actually ending QE. Since the Fed is never going to be audited we will never know for sure. But I’m pretty confident they aren’t going to allow another 2010 & 11.

  5. bhowe

    If the market is going way up, what’s the best way to play it? Tracking fund, favorite stock, ?

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