GOLD BREAKING THE 200 WEEK MOVING AVERAGE
Gold is breaking through the 200 week moving average this morning. Don’t forget the intermediate cycle is only on week 3. We should still have 12-15 weeks before the intermediate cycle tops.
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Gary,
Your best guess as to when this carnage in stocks will end? still holding all long positions in stocks.
I thought oil is holding up well considering?
energy stocks and biotech both holding up very well. I expect the PPT will get this turned around by early next week.
Thanks Gary.
Praying for the PPT to come to the rescue?
What does the cycle say if sp takes out 2020 on the downside? Any reason why it’s still searching for an IT cycle low?
Good morning, Tulip !
Personally, if I were American, I would have been very troubled on elections to come: I would not have had no idea whom to vote with – Hillary…too shifty, Sanders – too much away from the center towards the left for my appeal, while core Republicans are preserving their bellicose, environment-unfriendly stance and a Republican-astray Trump happens to be a clinically [undiscovered] psychotic.
In the end…Hillary, out of all mist, seems the least unfavorable: she is mainstream and pro-environment (at least her words are).
Alex-
Hillary & Bill are devils…along with the Bush group…
‘words’……there has never been the level of collusion as there is at present.
very nasty. Sanders is my Senator and the only one who answers his phone to constituents.
He’s less ‘left’ as you call it than FDR.
He’s the only decent human being in the mix..
Trump is a joke but Hillary would be worse…
cheers
tulip
Transports & Financials are casting firm bearish signals.
It is important for stock bulls to admit to themselves as traders [to others is irrelevant] that betting on a new multi-YC has been wrong, that this is not a hindsight assertion but that Transports chart alongside Asian indexes’ charts have cast CLEAR PREEMPTIVE SIGNALS THAT ALL THE HUGE ADVANCE (called in February) WAS SO HUGE SIMPLY BECAUSE IT WAS AN YEARLY ADVANCE.
PS: yesterday in the last 5 min of the session it should have been clear that the market was overextended, even if a favourable UK vote occurred, as NYSE was diverging from its advance-decline line and $NYA150R.
Keep your eyes on JAPAN now !
Nikkei is leading world markets to new levels of the abyss.
just rebought a half-position of long treasuries.
keeping my full long-gold position intact – I agree 100% with Gary on gold.
Hi, Gold looks to be almost done here with the climb for this year and next. GLD near 127 – 128 and that will be the top for a very long time to come. But give it two more weeks to wander about in the price vicinity.
should there be here any person still inclining to believe that we are in new multi-year cycle and that the low was put in winter, leaving Japan’s problems aside, just consider one thing: fallout of UK banking system on a load of real estate foreclosures as the real estate bubble there is deflated and the ensuing nationalization of several British banks –> only that turmoil alone of UK financial system will put extreme pressure on stock markets and on real economy (elections in Japan in several weeks with the ensuing Abenomics failure admission, Scotland’s and Northern Ireland’s pro-EU political actions and the recession to hit UK economy are on top of the mess).
A collapse of Lehman can be fairly easily matched by the collapse of a couple of British banks as we now have the catalyst for a real estate deflationary spiral on the island.
Gary,
No mention of stock market?
I mean, today’s move is a pretty big deal.
Gary, apart from gold do you feel corn and agriculture will go up with the other commodities?
I don’t really know anything about Ag.
today’s closing for gold would be critical so as to achiebe a daily + weekly Close above the 200 week moving average
Labu action looks identical to late 2015.
A break of 20 would signal a move to low teens.
didn’t work out too well….maybe Gary has an explanation
“Manipulation”??
or rather opportunism is warranted in trading instead of explanations as why history was that way and not another: always trade proven strength, i.e. relative strength, rather than trading in anticipation of future strength for 1000 right reasons.
IBB is -4% shy of new lows alongside NIKKEI and it has been lagging all market indexes since the YCL in FEB (JAN for NYSE).
wheres Gary…??
Enjoying a humble pie?
No new highs yet.
Biotech and oil collapsing.
Ouc!
Alex:
You have been spot on. I have been learning and benefiting from you, although I don’t post often. Honestly, every time you said you were bullish on something or you just bought something (such as silver a while back), it surprised me, but it’s always proved right. Your posts are very much appreciated, please keep posting.
IBB has broken weekly MA 200 support line. It is dangerous signal for biotech stock.
IBB weekly: http://stockcharts.com/h-sc/ui?s=IBB&p=W&yr=3&mn=0&dy=0&id=p70125469080
Gary says “energy stocks and biotech both holding up very well.” Actually, the Biotechs are the second worst performing sector over the last month (only financials are worse). XBI and IBB are down 7.1 % and 8.4% respectively. LABU has lost 22.5%.
I guess poor performance is a bonus for the long term holders of the biotechs as they get to buy more at a better price. Gary has been pounding the table saying that the biotechs will pay off big in a couple years so I presume that he has been loading up.
I realize sometime Gary say things that don’t even make sense.
From the highs of 40.. Ya down 35% over the past few weeks. Everyone been under water from his recommendation.
What a nitwit. We made well over 20% in LABU during the run up. We sold it and went back to unleveraged funds at the top. Even if we were to have sold today it would only be a 7% loss.
This is why the stock portfolio is up 45% over the last year and a half. I make trades in real time. When we get late in an intermediate cycle I take down leverage to protect the gains we’ve made.
You guys on the other hand never make any real time calls and only show up when we have a short term drawdown. You never congratulate us when we have a great trade.
What you don’t want to mention is that the metals portfolio is 100% and heavily leveraged. Any losses on the stock portfolio were massively overshadowed by gains in the metals portfolio.
Nice try but you really are just looking more and more foolish as it becomes painfully obvious that you really have nothing to contribute and no real ideas of your own. Your sole purpose is to spotlight any losing trades and ignore all winning trades.
Clearly at 45% the winning trades are massively overwhelming the losing trades.
from June 17: They most definitely have a reason to intervene. Many European markets were starting to make lower lows. The S&P is getting close to a lower low as well. If they allow that to happen it will be much harder to turn the market around.
SPX OK as long IC low 1,810 does not get breached
Gold done first daily and weekly close above 200 week moving average. Gary is right spot on.
i made some short term quick bucks on LABU after watching one of Gary’s video on biotechs. Held long only a few days. Thanks Gary for sharing the idea ~
Guys markets are dynamic can’t expect to outperform if we remain static, have to adapt to changi.g circumstances and adjust to the developing setup, real time.
Hindsight is always 20-20.