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Same for the NASDAQ I assume? Chart would be great. Thanks!
Miners and oil are already getting sucked in by the selling pressure. Hopefully you guys are taking profits on these bounces and not watching them go up in smoke like on the August high.
yes, another Gary call up in smoke … http://blog.smartmoneytrackerpremium.com/2015/08/a-second-chance-to-buy-miners-cheap.html
for those who leveraged up on the certainty of Gary’s prophesized 50% miner rally, got a minor rally instead and an account that lost 50% … not to mention the fact that Gary will be owing folks money for their subscriptions, again
If miners don’t at least deliver a 20% rally from last Wenesdays low then yes I will refund the yearly subscription. With sentiment this low the metals have always delivered a multi-week or month bounce in the past.
Relax there loud mouth Gary stands by his word he don’t need you to remind him…besides no one here tells you to do anything use your own brain, what Gary offers is ideas how you choose to use this information is your decision…again you’re a loud mouth…
Bill, Muffin made a legitimate point and Gary countered. Gary is a big boy and can handle himself. Ass kissing for brownie points contributes nothing to a forum.
I’m not ass kissing anyone here no need to, but there is also no need to insult our host as well. Gary laid out quite clearly his calls were for October not the end of September so the benefit of the doubt is with on Gary’s side!, the rest is just keyboard commando noise.
Ps: Yo peeps! I ain’t related to ‘MuffinBottom’ btw, in case you’re all wondering wtf?
SQQQ I nabbed yesterday, glad I did, I will bail early but make $ and that’s the name of the game – right?
1) USD going higher is not a surprise but on the contrary – it underscores the fall to come as USD index retests and is to fail crossing its 50dma.
2) DJIA and NYSE Composite have already undercut the OCT15 YCLs which means they are already in 7YC-decline
The USD bull market is intact.
As is usually the case, gold is strong in the beginning of a stock-market correction, but then eventually gets dragged down with its carnage (October 2008, February 2009, September 2011 etc) Target for the multi month HS formation is $980/ounce..
Gold will not bottom until it dips below $1000 sometime this year or early next year.
Trond, you are right! It’s all about USD movement and negative correlation btw the two.
1) The technical argument behind your observation (via cycles):
USD stands ready to put in its YCL.
The current YC of USD already highly extended (15 months), so that the YCL should come in really soon – the current bear market rally in USD (kissing upwards and being rejected by 50dma) prepares the greenback for its decline into YCL.
After that YCL is hit in October, a strong bear market rally will ensue as USD moves into the leg-up of the new YC. Of course, the new YC is to be proven left-translated and it will quickly move lower as markets anticipate QE4.
2) the fundamental argument:
As pessimism and stocks bear-market sets in comfortably, a liquidity squeeze will emerge (maybe even a credit crunch in China, Japan, Eurozone to render thing even worse) which will drive USD up into cheerful skies [temporarily, of course].
Index tops takes months to form. Sometimes years. I think SPX in back testing 2100 in the nearest future.
A third chance to buy the miners cheap?
they are going much lower.
S&P at about 1938 right now. The closing low on Sept 1 was 1913. So that would be the first logical “stop” or support level if we keep falling. So the progression would be test 1913, and if we fail that, test 1867. If we can’t hold that we’re heading much lower.
Relax ye of little faith. There is going to be a strong rally in gold (miners) just like Gary said. If the market continues to slide, the Fed will have to make a move because B.O. will NEVER let the market tank in an election year. Every thing points to the rally in gold.
NUGT may drop to 2.70 soon
Dr copper down nearly 4%, not looking good for commodities. H & s pattern on oil would see $20.
Deflation still looming. Like stock prices, sentiment when low can go even lower. Bad timing here.
Deflation is gathering steam actually, yes. Commodities have not seen their bottoms yet(except Nat Gas)
Low interest rates have hammered commodities. Looks like more of the same.
I can hardly wait for deflation to hit the grocery store.
Does today’s action in GDX have you worried? It has my attention for all the wrong reasons.
As rightly Gary says is not yet time to go long on gold!
But it’s the time for the 10 years T-Note for those of you who follow this market:
If my Elliott Wave analysis is correct Gold just bottomed today with GDX hitting 13.31 and NUGT hitting 2.71
If Gary is right and I think he is then I will name my next child after him!! Oil may have also bottomed.
What a spirit! Please also post if you’re able to get out on time. It seems pretty easy to get in lately but the unforgiving miners don’t let get out without cuts.
Jesus both NUGT and GDX will hit new lows. I’ve been short via DUST since last Friday’s open along with Crude.
Mr. Savage how long is your promotional deal on till?
Gary, quick question, seems the dollar index is rallying since last Friday. Can Gold and the miners go up with the dollar rallying?
The stock market is dropping, but seems like people are moving into the Dollar?
I’ve seen them go up together in the past.