125 thoughts on “CHART OF THE DAY – S&P Weekly Swing

  1. ted

    I am still bullish, but my guess is there a flash crash coming. I don’t know when, but we are at risk for this in the next few months. Nevertheless, that flash crash will be a buying opportunity for those who are nimble. However, it will go deeper than most expect. I think it may wipe out the entire Trump rally in one day.

  2. Robert

    Yup SPY should still reach 2400.

    Goild, regarding gold miners, here is a strategy to trade them if you are conservative. The reward is lower but chance of success is very high. Its all about selling put options. I did alot of research and im going to start very soon trading this way.

    If you are bullish on miners, sell the put options on GDX/GDXJ instead of going long stock. You should sell at least 2 out the money strike to be conservative. You can trade it as you would normally do when day trading or even hold as a swing because time decay works for you. I have found that put options on NUGT carry an even higher premium than GDX/GDXJ vs the underlying price. Example, a NUGT 9 strike put is going for about $102 now vs price of NUGT @ $9.53. That represents a little higher than 10% if one was to extract the full premium whilst for GDXJ the put premium is at about 5% now, so thats about a double. Similarly, if one is bearish on gold miners then you would sell puts on JDST at least 2 out the money.

    Of course you should have the cash to back up if trade goes against you and you are put the stock but if you want to take higher risk then you could sell puts on margin. This won’t make as much money as going long the 3x etfs but the odds of success are very high and in the long run you will probably make more than trying to day trade the common stock.

    1. nugjuice

      In the biz we call this picking up pennies on the freeway..or picking up nickels in front of a steamroller

  3. victor

    Goild, just seen your trades posted…., ha- ha, congratulation! good job. You making banksters upset by doing this, stop it.
    I would suggest to withdraw your initial money and play with a gains, as I believe money in the bank is not your money.
    Nice, keep your head cold though…, don’t overplay…

  4. victor

    Thanks Alex, I’m out with natgas, something is going on there…, I better preserve my gains

  5. Goild

    Robert,

    I am afraid I know almost nothing about options. Though if you are willing to teach me as directing me to buy a few I will do it.

    Thanks for commenting.

    Lunch time is slow. I am pretty much done for the day. My right arm hurts from having my hand attentive to the clicking.

    Good trading to all.

  6. Alexandru Popovici

    Gary, it is impossible for stock market to have put an ICL with such bearish COT report for USD and bullish for JPY and EUR and so lightly bullish on any stock index!

    Thus, I expect this daily cycle of USX, after it tops on Friday, to produce the bloodbath in USX, stock market and non-PM commodities through May, time enough to allow commercials to grow ultra bullish on stocks and USX while bearish on EUR and JPY.
    We need that to be worked out first in order to reset sentiment!
    WE ARE STILL IN THE SAME INTERMEDIARY CYCLE OF STOCKS AND USD.

    1. Alexandru Popovici

      …this is why Friday is the last opportunity to go long gold before it touches 1300 next month and hits its YCH.

      1. daverobson

        Alex,

        I think Gold and miners are going to ICL soon next month. With gold being up the miners are not following … this is troubling. We are in the 3 rd daily cycle this year from YCL, we are not seeing any new highs….ICL will be due next.

    2. brianbreeze

      Good point Alexandru. Given how incredibly wrong you were with your SM scorch prediction for months I think we should all listen to your next prediction. You and your bloodbath predictions are a joke.

  7. Don

    Oil has been moving up smartly for the past week while the Canadian dollar has been going in the opposite direction. Saying that the Canadian dollar leads crude is another example of how Pedestrian mis-leads with his big talk. I have come to the conclusion that he his a paid shill. They are people that insert themselves into blogs in order to get as many people as possible on the wrong side of a market. Yes, that does happen. We are talking about big money and there will always be paid media and paid shills to ensure that the average guy gets fleeced, every time.

  8. Bigdaddy

    He was always calling for the miners to fall. Convinced me to sell my miners position at loss and now it would have been profitable. I was an idiot to have listened to pedestrian. Maybe I should get back in and try again.

    1. Emptyness

      At the moment it makes no sense to buy and sell and buy and sell gold / silver miners positions. There is no clear trend. I hold my miners position for several years. In 2020 I bet they are worth a multiple. The Wall Street Investors are still crazy, buying more and more overvalued stocks, and having no real interest in gold investments. But times are changing – you just need patience. Good luck !

    2. Pedestrian

      Your buying selling decisions are your own Bigdaddy. I did not tell you to do anything.

  9. JJHarmen

    What does this GARY guy have to say about the dollar and oil now that they are doing the exact opposite of what he figured. Is oil a short now ? What about the dollar?

    1. Gary Post author

      I expected oil to complete at least a daily cycle low. It did so and I started an initial long position at that time. If it turns out that the DCL is also a larger intermediate cycle low then I will forget about oil going under $42 and just keep holding my long positions.

      This is how retail traders think. They want someone to predict what’s going to happen to the day and they want to know it’s good for the next year. That’s not how a professional trader operates though and it’s not how I trade. I start off with an expectation based on cycles, sentiment and technicals. If at any time something doesn’t play out like I expected then I just reverse course.

      Oil may not make it to $42 because stocks may have completed a larger ICL. So I won’t fight the trend. As long as oil keeps going up then I’ll hold my long positions.

      Don’t forget that I almost never sell short. So een if I expect something to go down I won’t short it. Markets go down differently than they go up. It’s hard to make money on the short side. So I just don’t do it. If I say I expect something to go down that’s not a good reason to sell short. Even if it does go down it’s going to be hard to make money as the counter trend rallies can often knock you out of the trade.

      Oil may be a good example. It could still have another leg down but this rally is convincing enough that it’s dangerous to keep holding shorts.

    2. ras

      Gary missed the big bounce in gush because his entire focus was on spx. Everyone misses a move sometimes?

  10. Christian

    I’ve never been a fan of this ‘Pedestrian’ fellow [I don’t even like the name] but seriously folks.. if you’re taking investment advice from a total stranger on a blog then you only have yourself to blame. Investment Blogs are mostly full of people that are bored and have nothing better to do than post useless comments and unsubstantiated research. Occasionally you’ll get a good idea or two but they are few and far between. Take everything with a big Ass grain of salt ๐Ÿ™‚

    1. Paul

      Mostly true… the methods I use are simple… weekly and daily cci and moving averages… along with pivots points… any can study and use these methods… at various times in the market… they will begin have a higher fail rate late in a Bull Market. I see no Justification for Agreeing that the $SPX will have weekly low… $SPX CCI has a Sell Signal in place going on almost 4 weeks… I am in cash on the Sidelines… I need more of correction and time for the Weekly CCI return to Buy Signal… in the meantime a 3% pullback is not enough to get me off the sidelines… The odds are against a positive trade in near future with either leveraged or non-leveraged etf for either the NASDAQ100 or SP500… good luck everyone… but the best thing to do in the market right now is to raise cash and do nothing… p

  11. JJHarmen

    Whaaat?? You went long oil soon after you stated that it was probably going to the $40 level and now your a winner? Baffling, to say the least.

    1. Gary Post author

      I told Bdaddy the other day it was way too late to sell short. I was expecting a bounce at least out of a daily cycle low. I was only going to trade that bounce, but now that XLE has broken it’s intermediate trend line the odds are starting to swing in favor of this being a larger degree bottom. I won’t fight it even though I was expecting a deeper pullback. I’ll just adapt to what the market gives me and if it’s not what I was expecting I won’t argue with the market. The market always wins that argument.

  12. JJHarmen

    The strong dollar is hurting the metals. Alex, you think the dollar will be topping out soon?

    1. Gary Post author

      If stocks have completed a larger ICL then the dollar probably has as well. If that’s the case then I would have to alter my expectations for the dollar as well.

      Never in a million years would I trade currencies. They are the most manipulated markets on the planet.

  13. Gary Post author

    The safest trade is long the stock market. You have protection from the PPT and Fed for as long as they intend on raising rates. You also have emotions driving stocks higher as they need to complete their euphoria phase before the bull market tops.

  14. Don

    Well, there is no arguing the fact that the safest bet for the past seven years has been long the SM. I wish trading with hind sight was a viable method to get rich! That said, I think your faith in the FED and the PPT is perhaps misguided. I mean, is it realistic to expect that support to continue forever? For the next year?

  15. Don

    Bigdaddy, have you noticed that ZJG, GDX ,are now up on the day after a sell off this AM? You were thinking on getting back in. Did you?

        1. Paul

          I know some people have tried to associate me with someone with name marks… there is no connection… my name is Paul… been following this blog since around August/September last year… I am in Cash… I don’t Gary being right at all on the $SPX… a 3% pullback is not enough to jump in… Weekly CCI Sell Signal is still in place… this can go on for weeks… along with claims we almost there at the ICL or whatever term you want to apply… to reading Charts Incorrectly… I am looking for a 12 -15 % pullback in the $SPX… not doing anything in gold either… just staying cash and waiting…

          1. Gary Post author

            We got stopped out of our stock positions yesterday. We made a half a percent on the trade. I’ll look to reenter on the next setup where I can use a close stop.

  16. Robert

    Gary it looks like SPY has topped? And gold is looking very strong. It looks like ICL are coming how could this be its so early in SPY cycle and so late in gold cycle

  17. ted

    Remember this is free advise, but I bet you will all be happy if you put 50% in cash, and 50% in gold for several weeks/months.

  18. bluelagoon

    Wow – the market makers are very good. They started the day with a huge green in S&P, Nasdaq – I suppose enough so that the title of this article was that a “swing low” was completed. And then the Fed comes out and markets begin to dive, gold rises and bear stocks are in vogue again. What a play. Question is – how long will this last? Until or beyond the jobs report?

  19. JJHarmen

    Big reversal moves in the stock market and gold but gold still down on the day. What will tomorrow bring?

  20. Alexandru Popovici

    Yeap, Ted, we converge!
    Long gold @ 1256 and stock market to resume its YC decline ahead of Friday.
    I have to get satisfied w/ a correction of gold to 1245 instead of to 1235.

    USDJPY is early in its new DC after topping on last Friday, day 4.
    EUR is even earlier in its new DC – day 1 w/ a swing low in ๐Ÿ™‚

  21. Don

    If the SM continues to slide right into the close tomorrow could be a big one down. Just guessing, no crystal ball.

    1. Pedestrian

      Of course you are just guessing. We know after watching you make one trading mistake after another. Of all the people who come to this site you are probably the least capable and most poorly informed. Even the newbies with no experience whatsoever have a higher success rate.

      1. dboz

        PED, you called for NIKKEI to hit 20000 taking gold down with it due to sinking YEN. Now the NIKKEI is tanking and the YEN is still weakening when it should be strengthening? Any thoughts?

        1. Pedestrian

          Nikkei 20,000 and Eurostoxx 3500 (plus or minus) are my two primary resistance targets for the major Western market indices. Those are the points at which (once reached) I think a correction in the broad US stock markets could unfold. It is, strictly speaking, only a theory and at this point unproven however I am monitoring those prior peaks in the event they do offer trigger points for a correction to begin.

          We are now less than a 100 points shy of the EuroStoxx target.

          The DAX which I do not ordinarily follow is virtually at its resistance target as we speak and could be putting in a double top. See the link below. So in my opinion it is advisable to be guarded at this juncture however emote the idea might seem at face value.

          I certainly would not advise shorting US markets though as they have proven time and again to be unrelentingly resilient as they push higher on short-covering rallies. Rather, I am watching for more substantive signs of a *real* correction in the works and that would include a rise in volatility which until now has been muted.

          For what its worth, the Nikkie is currently at the bottom of its trading range (channel) and should begin to rise again within a day or two. In the process it will depress the Yen and in all likelihood push gold prices lower resulting in softness in gold mining stocks. The Yen has formed a nice double top, however small it may be on an hourly chart but I think its valid.

          Therefore I am looking for a good entry price on JDST once again based on those technical observations and should a good opportunity present itself today or tomorrow I will be short miners once again.

  22. Alexandru Popovici

    Wrong decision!
    I am closing my long gold position w/ no profit and stay on the sidelines.
    Stock market showed some great strength at the close – long gold is too risky.

  23. alvinheart

    Gary, would you please comment on the gold and goldstock action today? Do you think the unraveling of $4.5 trillion in gov’t bonds will be highly supportive? Thank you. Alvin

    1. Gary Post author

      Ultimately yes. Right now though I think the metals are going to be stuck in a basing pattern maybe for the rest of the year.

  24. Goild

    Don,

    No I did not sell the PPLT 250 shares. I am with you in that they probably will rise. I already have a bit of a profit and as they are not too many shares it is fine to keep them in what appears a classical trade by the book. Same with the USO 2K shares I have.

    Today was also a green day. So I enjoyed myself at the grocery store getting some top sirloin for a nice meal in the weekend and some nice wine. I will drink it to your health guys. Bon appetite!

  25. Goild

    Christian,

    I just read your post on the previous thread.

    I think a high number of executions in a day fro me is about 100 or about 50 round trip trades.
    I do agree with you that they are too many. I do not pretend I am a skillful/good trader.
    Though as pointed by zkotpen the bottom line is whether one can consistently make money.
    As per the kind of life I live you have little or no way to really know and so you really do not know. Same applies to me. I do not know what kind of life you live. However, I assume you are intelligent and like to think we can work together, along with others, in this forum to make it better and to solve the next challenge. That is what and when we should jump into say jnug or else to make big bucks. We also can have a good time sharing ideas to make our trading more pleasant. Humor is also welcome. In fact I got a good laugh of your line “experience, my ass.” A reasonable reply to this line is that the experience is not in the trading, but it is in controlling emotions when you have 23K jnug shares, in a falling knife, and you are adding 10K more shares because your experience tells you that a bottom has been reached. Think about it. Today I closed with +$1368. Perhaps with 40 round trip trades. Is there any thing wrong with it? I actually had a lot of fun doing every trade. It is like a tennis match, requires you to be at your best.

  26. Ed

    The [private] Central Bank is an institution of the most deadly hostility existing against the principles and form of our constitution . . . . If the American people allow private banks to control the issuance of their currency . . ., the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered. -Thomas Jefferson

    It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. -Henry Ford

    Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders. – Louis McFadden

    I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men. – Woodrow Wilson

    1. TraderPete

      Ed, thank you very much for your post and those excellent quotes. I hope the American people wake up before it is too late. Thanks again Ed.

  27. Alexandru Popovici

    Morning to you all!
    Stock market’s dead cat bounce is not over yet – there is strong underlying strength!
    Gold to resume its fall towards 1235.

    1. Alexandru Popovici

      yes, clearly that’s the way things are through Friday, tomorrow.
      treasuries are also confirming the view by falling in DC decline in concert w/ gold.
      USDJPY needs to touch its 50dma at some 112.70 (now 110.8) before all these minor, short-term moves are over.

  28. zkotpen

    Goild,

    You seem to believe that, if everybody piles on their respective two cents, it will all add up. You can see the results of such populism on this free, public blog.

    I, by contrast, believe in the value of the vital few (80/20 Principle), in which the whole is greater than the sum of its parts. Indeed, “rare events” is a key principle in my own work. May not pan out until after I’m dead, you may have a larger account than I. Oh well. So be it.

    I’ll stick with Nassim Taleb — “normal” verges on irrelevant. NO solution ever comes from normal thinking, says Taleb. So pile up all of it you can!

    Or more poetically, Wilde: “Everything popular is wrong”

    Good luck to you mate.

    Take it from someone who has thought quite differently than normal people for my entire life… someone who does not possess your social skills: I am just not feelin’ the hunger on your part!

  29. Alexandru Popovici

    there is very good (low risk – high return) swing trading opportunity underway till tomorrow:
    – long USD / stock market / nonPM commodities and/or
    – short gold/miners/treasuries.

    1. Alexandru Popovici

      … USDJPY will blaze once it clears above yesterday’s high of 111.4 –> will instantly skyrocket above 112 for the rendez-vous with its 50dma tomorrow.
      Minor moves underway till tomorrow will increase complacency in USD, stock market and nonPM commodities while fear will prevail over EUR, JPY, gold and treasuries –> exactly what is needed for the last leg down in stocks and commodities and leg up for defensives.

  30. dboz

    So the FED told us they are going to unwind QE later this year. They said that 2% inflation is not a ceiling and we could run above that for some time. So they are directly saying that it’s coming combined with this bond unwind, yet no one wants gold or silver. Maybe they are barbarous relics and this has been a total waste of my time and we are going down from here? Or, are we about to break 1265 which should quickly drive gold above 1320 and show a long term trend line break out and off we go. Place your bets accordingly.

  31. Goild

    Good morning,

    Looking at the charts, there is not apparent clarity on which way gold/miners are heading.
    There is a kind of a triangle (GDXJ) that will resolve soon and so those on the sidelines are wise.
    I am not going to wait for confirmation. Some times you have to make a leap of faith, and do what you intuition tells you. So I am opening a path with JNUG long, 1K shares at $6.89, and see how I manage them and add to them. There is no guaranties but opportunity. Let it be.
    Good trading to all.

  32. Goild

    Zkotpen,

    I am not sure I can decode all your wisdom as my brain is perhaps damaged from chewing lead paint when as I was a kid. I did enjoy reading Nassim Taleb’s book.
    Let us make money today.

  33. Goild

    USO is up and it should reach its channel top in a few days/weeks. A classical trade, by the TA book.

  34. ARends

    Robert
    I have looked at options last two days. Trying to get a grip with your comments and the system I using as triel and how it works. I see there are many strategies but fail to see the application at this point in the system. Do you have a good trainer video to possibly watch?

    1. Robert

      Arends, the strategy is simple. When your bullish on Nugt you sell the puts on it up to 40 days expiration and at 2 strikes out the money or more depending on your risk tolerance. You can day trade it or swing. If you are bearish on gold miners you sell puts on JDST. The options in jdst are more liquid than Dust. You want to make sure you have enough cash on your account to cover the trade. Don’t do it on margin unless there is very good risk to reward. My capital is tied up but as soon as money is freed up going to be doing this more often

  35. Goild

    Alex,

    I see you have:

    โ€“ short gold/miners/treasuries.

    I am going long. We shall see.

  36. Goild

    You may wonder why getting into JNUG, or using intuition.
    The thing is that if there is no plan there is no gain.
    JNUG may have a +20% day any day. The miners have been beaten.
    The plan is to pyramid up,. And if it goes down add more shares too.
    One must have a plan to make money.

  37. ras

    Financials and small caps are struggling. Big caps and tech are unable to retain the gains made. One has to wonder if this is the signature of a market about to enter a euphoric bubble phase. Time will tell.

  38. Turps

    Without hard data to back it up, my recollection of this type of panic sell of D/T fed speak is that it is short lived and the market is back to normal in a few days.

  39. Gary Post author

    Gold is too erratic right now. Longs and shorts alike are getting chewed up. Your two options are either long an Old Turkey strategy or on the sidelines.

    These kind of complex markets are not good for trading unless you happen to own a high speed algo.

  40. Alexandru Popovici

    Dave Robson, I just saw your comment twds me.
    This used to me initial thought too (ICL still ahead of us) but last week I had to concede to Gary’s idea that ICL came earlier, so that we are now in a new IC.

    Gold’s [and treasuries’] ongoing correction should be limited –> as a matter of fact I am short gold with a take-profit set at 1235.
    USD’s scope for further correction [after this dead-cat bounce is over] till the 2nd half of May supports gold to 1300 next month instead of sub-1200.

  41. Goild

    Indeed, a difficult day for going long.
    I am done for the day.
    Reduced my purchase price of the 1K JNUG shares to $6.73 and
    pocketed $510 for lunch.
    Good trading to all.

  42. JJHarmen

    It is looking like yesterdays sell off in the stock market was a fake move. Being short is frustrating.

    1. Alexandru Popovici

      it was a great event for the declines to come. Now markets’ rise out of yesterday’s fall will increase complacency and, hence, will exhaust the bull preparing for the bear to be around us through May.

    2. Pedestrian

      Frustrating? Yeah sure, and a waste of your time too. There is no decent signal to get short yet. Just some fundamental reasoning which is mostly hype and blather, a few commentaries from the usual panic crowd and a couple of threatening charts that have been threatening for longer than I want to remember.

      You will know a top when you get there. Most are obvious in retrospect.

      Just go back and analyze what prior tops look like if you don’t recall and make special note of how long they took to play out. Tops are a process and we cannot yet be in one as long as the market keeps ratcheting higher so its pretty foolhardy (in my opinion) to make bets anticipating something that has not yet given an indication of happening.

      Unless you want to trade according to what ZeroHedge writes.

      Good luck with that.

      1. KHT

        Hi Ped, good to see ya back. Gold/silver looking to maybe turn over, USD looking maybe to break higher. Still holding my JDST, added 200 more the other day, 1900 total, cost basis 13.66. Still looking to buy some DSLV or at the least wait for the pull back.

        Interested in your thoughts.

        1. Pedestrian

          Thanks guy. Been away on a short holiday so I’m just getting back into the swing of things here. Other than my comments on the earlier thread I don’t have much to add just yet but I can tell you a few things I am watching.

          Bring up a one year chart of JNUG as a starting point.

          From there, trace out the upper rail or channel that would touch on peaks of August 2016 and February 2017. Right away you will see that where we currently sit for April is a point just slightly South of what I think is important resistance.

          If we break above it would be unquestionably bullish in my view (and there is always the possibility that could still happen) although the bears will be heartened to know that the chart is turning down right now and technicals support fading this play at least for the short term.

          So my focus is on JDST for the moment although I don’t know I would be comfortable there too long. One reason is that GLD on the weekly level chart seems to be forming a triangle that implies a move up when it breaks sometime in the next few weeks.

          Lets just say I have some doubts so I am just going to stick with the briefest of trades until I see what happens next. At a quick glance there is a JDST entry as long as we don’t fall below 13.60 tonight or tomorrow. That’s basically where support comes in so it needs to hold or the pattern is in doubt.

          But even on that score I am not quite sure since the chart displays like a pennant since the middle of March and although it also has what looks like a big double bottom since the start of the year I am not certain it won’t actually break lower.

          In short, I am watching the converging support and resistance lines and won’t likely trade this until I see which way it breaks. That break could come at any time so this is just a waiting game until it makes its move.

          1. Pedestrian

            One thing that is interesting to me right now is that TLT looks like it has peaked out for the moment and is ready to fall back after having posted a quadruple top (daily chart).

            I watch it because it has been crudely tracking Yen the past year and tells me which way gold might go (referring to the Yen/gold correlation). So if TLT falls as the Stochastics and other indicators are implying then we might be inclined to believe that Yen will also fall and so will gold.

            That is supported by the bullish looking pattern on the Nikkei as it has reached its own interim channel bottom telling us its about to bounce. You will notice looking at TLT that it also sports a nice looking channel formed during the past 5 months and at the moment its reached the top of that channel.

            So its probably going back down.

  43. Robert

    I have done a chart on golds daily cycles I kept track of so far. I would like to share but not sure if Gary would allow it

  44. Goild

    Don,

    Today we lost a bit in the PPLT.
    We will see how it comes in a month.
    Made also money on USO: a classical channel trade.

  45. Don

    Goild, the PMs are just churning right now. Platinum has been consolidating for nearly a month so I expect a big move soon.

  46. Don

    The stock market is looking weaker than it has been. The usual month end and beginning of the month rallies did not materialize so I am thinking that we have considerably more weakness ahead. It would not be surprising to see the entire Trump rally wiped out. I have been at this game long enough to have witnessed crashes that wipe out months or even years, of advances in a matter of days. Of course, given my short positioning, I am just a little biased.

    1. jeffd5584

      Declines are carefully “managed” nowadays, that much is clear. Yesterdays waterfall decline was very similar to the catalyst that started the August 19-24, 2015 decline (i.e. Yellen made similarly hawkish comments at that times..this time she included commentary on the stock market and the potential for a serious correction…in other words, it could be interpreted as they would welcome it). The key to managing a decline is to never let it get too much momentum. After a big down day (see Sept 9, 2016), the market has to immediately gunned higher (via tricks with crude oil, VIX futures/ETP’s/dollar-yen, etc). In the old days, the momentum that we saw yesterday would follow thru, and even if it didn’t break another few hundred points lower, there would have been a tremendous amount of stress put on bull positions (re-tests of overnight lows, etc)…

      Market has been in its current state for years now. “Natural” forces of mean reversion fighting against central banks hellbent on managing the downside. Just makes for perpetually choppy markets (which always spills over into other asset classes that trigger algo buying/selling).

  47. Don

    GDX managed to get into the green in the last few minutes of trading so it is very unusual for DUST to have also closed up. That doesnt happen very often. So what does that mean? I guess we will find out tomorrow.

  48. Bigdaddy

    Pedestrian is back and telling us that gold is going down. The guy is a broken record. That dipshit fooled me once and never again. I am buying more GDX in after hours trading.

    1. Pedestrian

      I can hardly wait. And someone like you deserves just that trade. Any comment on how many shares you are buying? I want to be able to calculate your losses in real time next week. Best of luck.

      1. Robert

        LoL!!!! Man everyone is bullish on gold, the herb can’t be right can they? I think we will know tomorrow there might be a big move on the employment data. U think down tomorrow Ped?

        1. Paul

          Robert don’t listen to these $GOLD bears… it just made a new high to today… yeah I know Ped can quote his Monthly gold chart as being in a Bear Market… but that is lagging… $GOLD has a weekly Buy Signal in the last two weeks and is a new buy signal for the year… if the signal holds up… we could have a move similar to last year and maybe a bit stronger… I am staying in cash on the sidelines… I am looking for pullback of at least 12 -15 % on $SPX, $INDU and $COMPQ… all these Indexes have Weekly CCI Sell Signals… and the $VIX is still above the 50MA which means we are in a correction mode… I would like to see the indexes go from being in Low Volatility condition to a Higher Volatility condition… good luck on your trades Robert- p

          1. Gary Post author

            No way the PPT is going to allow a 12-15% correction. You will just get left behind as the euphoria phase accelerates.

            My guess is that some point next week we’ll get another chance o reenter stock market trades. Energy stocks are already a buy and probably have the most potential right now.

  49. Goild

    You know the market, which probably is feminine, given how often changes her mood, does the unexpected. And for gold it would be to breakout. Not to fall down. What are you thinking?

    1. macman1519

      Hey dboz, your boy fired them, not a couple or three, he sent over fifty tommis, now that is sending a message in BOLD. What will be market reaction be, I think gold up., what will russia do, what will N. KOREA do. Hope your boy got permission to start a war?????? More controversy and smoke. Im waiting for the fire. Long gold!!!

  50. macman1519

    Like ive been saying, trump is good for gold, wars are good for gold. Uncertainty continues, SMs down.

  51. dboz

    If this holds over night, I do believe we will see a significant short squeeze. We may just go straight up with no pull back leaving many behind. We will see if miners go along or continue to lag??

    1. RTTPD

      I hope the Russians/Syrians strike back, and there’s a mutiny in the US military. Trump has been turned into a Neocon stooge. I will never support this pussy again.

      I hope Gold and miners go through the roof…..

      1. Christian

        Gold tagging $1300 before dropping into a DCL was always a very strong possibility Robert. Gary has mentioned it several times. It will be interesting to see what happens after that.

        Those of you holding DUST/JDST are unfortunately gonna feel the pain tomorrow. My advice to you: Don’t sell in a Panic.. Wait for the reversal to re-coup some of your losses!

        1. Robert

          Yes its seems like this is whats going to happen. How far down will the DCL probably go? He said that its also getting late in the Intermediate cycle so maybe whenever gold hits a DCL then the next cycle should be left translated and a steeper decling. We might see 1200 gold in another 2 months?

  52. Rapunsel

    Think most of this reaction in gold peels off by tomorrow’s opening. Employment report?

  53. Goild

    Once. gold crosses the trend line that Ped had drawn from peak to peak, there is no return for gold.
    It is a bull market.

    1. Paul

      Lets not forget according to Ped $GOLD is in bear market per order his monthly chart… where’s the Oracle now???

      1. Gary Post author

        Gold finished it’s bear market last year. Once it started making higher highs and higher lows that’s all one needs to see to make the call.

        This trend line stuff is nonsense.

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