17 thoughts on “CHARTS OF THE DAY

  1. Bob UK

    This is going to be an interesting week I guess. I suppose, if you want to smack down the markets – be it in conventional stocks or in the metals – then this is the week to do it?

    If we get another October-like drop then it would allow the big boys to sell out of their weaker positions and hence take advantage of the tax loss opportunity prior to the end of year???

    Then, onwards and upwards?

  2. arthurk024

    It’s more likely this gets stretched into the EOQ window dressing with secondary highs for employment report and triple witching, but SPX 2100+ looks like a good number. This would be like March 2012, where a 200+ rally in SPX was followed by a 7-8% decline.

    1. gary Post author

      I don’t put a lot of stock in EW personally. But if I was going to try to count I think I would start at the bottom of the intermediate cycle in mid Oct.and the current leg up would be #1.

  3. Bob UK

    Weak global data out this morning – China ‘only’ growing by 7% ish as opposed the 10% of recent years.

    FTSE down as a result – let’s see if the US markets follow suit.

  4. Lah-Ah


    I’m thinking oil in the 50s.. whatcha think about that? Thinking going for the stiff one at $55/barrel. Whatch think about that one?

    1. gary Post author

      I thought oil would have bottomed quite a while ago but when OPEC missed their opportunity to stop the slide it exacerbated the sell off. FWIW the 200 month moving average comes in right around $60 so that might be support like it was in 2009.

  5. M.D.Cov

    Gary don’t you find it strange today’s sell-off took “all prisoners” reminiscent of last Monday?

    MY take:

    Today was reminiscent of LAST Monday……. very bizarre sell off IMHO. Obviously oil getting slammed took down the energy sector but more importantly the techs got slammed AGAIN as well as the typical conservative NYSE equities which pretty much “took ALL prisoners” which is never good news.

    ALL 6/6 of my holdings from last Monday’s sell are now all LOWER (in honest hindsight it has saved me TONS). Today is a second “breakdown” in techs which is bearish.

    Sold WOOF “just in case” with a minimal loss.

    Added via overnight limit order of DUST which was fished out precisely at today’s intraday bottom!

    Holding short oil (DWTI)……. wanted to increase position but this puppy has flown too far up.
    Holding short gold (DUST)……. added my goal of 3 positions (UP)
    Holding short silver (DSLV)……. added my goal of 3 positions (slightly down)

    25% ETF’s
    75% cash

    Thinking THIS is THE beginning of either a 5% correction OR THE 33% correction so obviously playing it safe.

    P.S. Rollercoaster day for the metals eh???

    FWIW — M.D.Cov

    1. gary Post author

      Doesn’t look like the Fed is going to allow a “normal” correction ahead of the FOMC meeting.

  6. M.D.Cov

    Gary ALL my stops pushed me out at the open this AM (I HATE overseas trading). It seems to me the GLD chart like it WAS is NOW bullish again (SO confusing)……. what do you think? Now I’m 2/2 wrong!

    At least I nailed the market topping . I guess market tops coincides with metal rallies.

    Seems oil is tanking a “breather”.

    Cheers — M.D.Cov

  7. Nobody

    MD — If it hasn’t sunk in yet, you’ve proven to be exactly the retail investor we’re all striving not to be here. I think you’ve got the wrong idea on what the big picture is here, and I can assure you it’s not day trading. There are many other forums out there to accommodate your activity. Kudos for laying your trades in plain sight, but your investment/trading account is screaming at you right now to stop tinkering.

  8. Jay

    Hard to believe how much the market bounced back after this morning (and the day isn’t even over yet). I guess the Fed just won’t let the market have a real correction. Party on! 🙂

  9. M.D.Cov

    Jay it seems halfway into the trading day QE (Fed stimulus) stepped in to save her demise as well as the US Dollar.

    THE obvious most of the time ISN”T obvious hence NO correction? I’m confused because the metals took off like a “bat out of hell” but as time has told she shouldn’t hold her gains? Market down = metals UP.

    Oil is NOW turning negative as I type (obvious needed breather took place today).

    CRAZY juncture in time.


  10. M.D.Cov

    Nobody you ARE so correct who am I anyway just another “nobody”. Figured MY posts actually pertain to TODAY’S subjects whether it’s oil bottoming/further downtrending, metals bottoming now or soon OR market topping /correcting junctures.

    WE are ALL in interesting times HERE and NOW.

    I’ve been reading here for about a half a year now and have been pretty much dormant until Gary’s metal’s bottoming article/charting arose in November which caught my TOTAL attention and well here I am……. but your 100% correct THIS IS not a “trading forum” so I will now again be “dormant” with my life and thoughts.

    Best Of Luck,


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