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GO MINERS! lol…once again Gary you are vindicated, sure we have a long way to go, but its always nice to be first at the bar.
Miners may have just made a final bear market double bottom. We’ll see how next week plays out.
Been follow Gary since 2011.. Gary was amazing during that SIiver bull run @2011..
wonder what did you see @2011? How did you know silver was going to to have a big run??
Time to go LONG oil now??
I did just post a portfolio change to the premium report.
1) You were right on oil making a bottom this week, but will this be a bounce and then farther to fall to lower 30s? Or as sustained rise in oil price?
2) And will gold not follow oil up in sympathy at least if oil is now turning up?
3) With oil turning up now, does this mean the stock market correction is over??
It’s hard to say about the stock marekt as there is so much government intervention. The natural move would be more downside before the 7 year cycle low. But who knows. They have a printing press.
Once oil finishes the move into the 3 YCL then the rest of the commodity complex should be ready to rally for at least a year and maybe for many years. There is definitely a possibly that bottom occurred today.
Stocks: I hear you, the Fed’s plunge Protection Team is busy and they even manipulate the Futures market overnight to affect the next day opening in NYSE. It is all but too obvious. They are saving face for the Fed so they dont have to come out and admit and eat crow and say “no interest rate hike” or “new QE”. We know this.
I am still hoping against all odds that the correction this time will resume as the cause is external(China, global deflation etc) which the Fed cannot as easily control as an internal US cause.
Oil: Today’s pop was ferocious and large, so it could mean the beginning of a leg up phase, yes. Maybe a small pull back tomorrow, then up in earnest.
Perhaps feather in some longs now.
What would the topside target be?
how about copper? did copper just make an intermediate low?
It should follow oil.
This is NOT the 3-YCL.
We had the 2nd YCL of this 3-YC in March and we are now at the end of the 1st IC in the third YC.
3-YCL will come at the low of this YC sometime in spring.
A weekly True Strength Index as low as -94 for WTIC simply cannot end up here; it will produce a bullish divergence first, i.e. set a lower low, which will be the true 3-YCL.
So, we are indeed to be up by the end of October and then down into the 3-YCL by spring 2016.
so long as I at least break even from all this “advice” I will be happy!
John Malkovich in Rounders voice: UVXY is “henggging eeround” and refuses to die just yet.
This stinks of a bull trap in miners. I went short silver with a stop at that spike high.
Lately, the miners have quit tracking gold and instead have been tracking the dow like they were a couple of Mario bros. So does that portend a big drop in miners if the bottom drops out of the dow again?
Anyone who still doesn’t believe in the PPT after today’s S & P futures price action, as well as this week’s weekly S & P futures candle, needs to have their head examined! 🙂
Yeah, that close was pretty hilarious. Market fails at resistance so the criminals have to rescue it, of course. This is why I have out of the money puts only, trying to directionally trade this market short is impossible.
FCX up 50% today (incl after hrs) on 3X avg volume, this is a nat resources co -copper, oil, gold , speaks to Gary’s bottom in CRB .
No no, FCX surge was because of public disclosure that shareholder activist Carl Icahn has purchased a huge stake in FCX with the intention of taking steps to increase shareholder value (i.e. the stock price).
AlexP and Gary,
If we have a DCL and potentially ICL in oil, then this is likely the time to be long oil stocks, correct?
Price is Truth. His money counts.
Gold up +$7 in overnight trading at this moment to $1130; perhaps the 1116-1120 support has held?
Absolutely massive short covering in energy stocks – CHK, XCO, TDW