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The turn we spotted on the weekly here:
Is starting to be confirmed on smaller time frames here:
It seems a bit counter intuitive but the best scenario would be for the PPT to step aside and let the market continue down and at least break the June low. That would confirm an ICL and then pave the way to rally for the rest of the year.
If the correction gets aborted tomorrow then we have a daily cycle that bottomed on day 34 and still opens the possibility for the ICL to come in October. Basically it would complicate things. It would be much better to finish the ICL now.
Plus I think the next ICL, whether it’s occurring now or in October, will be the launching pad for the vertical phase of the bubble.
Be careful guys. The way Gary seemed to imply is that declines may not be too steep. He is ruling out a 10 to 20 percent kind of drops. But, that could still be the slingshot quick move that throws the majority in the wrong way
The intermediate cycle is right translated so it’s unlikely we move below the March low. Plus the 7 YCL occurred only 2 years ago. It should still be too early for a drop of that magnitude.
The NYMO is setting up a divergence typical of an ICL forming.
I won’t try to guess where the bottom will occur. It’s become next to impossible with all the interventions in our managed markets. But I do strongly believe one should buy this dip.
Agree, most have forgotten what a real correction looks like. OVerdue for something way more substantial. 6 – 8 weeks of the algo’s selling the dips. Real fear required.
I posted yesterday on subscriber site in the morning I bought SQQQ @ $27.77 and holding JNUG 5k shares but Gary squashed it in moderation which was a 12% swing on TQQQ, this decline easy to see and idk why ppl talking themselves into holding through instead of at least getting out or deleveraging until have swing and follow through … if there really is 100% coming then starting -10% has a huge impact for significant portfolios… just saying… I never short the market and this is my first trade of year on that side. But it is time… UVXY is a buy on dips through September there will be several cycles of volatility and new highs over recent spike coming for VIX maybe on several occassions. Call options for VIX w expiration in Dec and I updated that I have 50% cash in 401k along w sold my BAC, C and JPMC looking for another discount to buy there. Currently long JNUG long SQQQ long UVXY
I don’t need a bunch of comments on the premium site of everyones trades. You can post those here if you like.
Imagine if every subscriber was to post every single trade on the premium side — it would turn into a shit show.
Yes but discussion is a good thing in my mind as long as it is constructive and you bring perspective. I’m not trying to bash or go against the tide but I thought it was relevant, I pay because you provide very valuable perspective. This time I think there is still time to sidestep with little FOMO of roaring rally that you can’t just chase once swing forms. Market will be lower than here whether ICL in October or September.. this time is different because as you say we are due… a man I highly respect has been in SQQQ since last week so not up a bunch but he is holding and always one to take small profits…. I trust him like I trust you, we old colleagues he on FX side of the aisle… also short gbpjpy which tells me usdjpy still a little weak in the knees heading into next week. NK bullshit as I highlighted last couple weeks may be different this time as well because there’s another story coming soon… just a matter of this weekend or next in my opinion… you don’t trade on that alone but there are many signals going on and honestly upside is capped through at least early October other than rally into September FOMC… you saw it coming as well and confirmed my thoughts on SQQQ in fact, but strategy of sticking in has been more profitable than getting scared all year so it’s right to not constantly flip strategy… but again this time slightly different as we haven’t violated previous DCL in 10 months. I thank you for good work but debate is most valuable when there isn’t total agreement. I’m retired so I have the time now to trade and no restrictions so have been getting more active… you been great help. Metals short will be good soon once market bottoms and I don’t think that’s tomorrow. We will have JDST or DIE conditions for couple weeks before ultimate ‘last” buying opportunity in miners. 1300+ is coming. VIX higher on several occasions and call options on big down days in VIX are good pickup especially if ICL is in front of us along w Debt Ceiling
I’m looking to pick up JDST in mid-$50s. I’d say if we see that price don’t worry about absolute bottom because anything under $65 JDST can see profits come next DCL in gold, in my opinion. I think fresh lows for JDST next week and then it starts moving into Jackson Hole. Again not sure this is ICL but tomorrow idt bottom of this down wave in market. Also think UVXY and TVIX are hold over the weekend whether they run tomorrow or discount. If discount I will hit stops in profits in premarket and buy back by EOD. If run I will just hold old turkey into next weeks. May cash VIX Dec options next week and buy back- most likely by Wednesday even if I miss some burn can always hop back in
If we assume March marked an ICL even though there was no failed daily cycle then you can see we are in the timing band and the ICL should occur when this daily cycle bottoms. And the daily cycle is on day 35.
Remains to be seen… NYMO says another drop to -80 is in the works to print a pattern and seasonality is chirping S&P to 2400 is not unrealistic. I know you like to buy ahead of everyone else Gary, that’s your prerogative.
We need to at least get to 2400 to confirm an ICL. It’s not absolutely necessary but a failed daily cycle is usually a requirement. So I’d like to see 2400.
On the other hand virtually every ICL since 2012 except the 7 YCL has been aborted at the 38% retracement and we hit that level today.
If gold close above $1,300 and silver over $17 on or before August 27 and carries over to September, forget about NASDAQ and move all your money to Gold Silver Miners.
Epic battles will rage on to cap Silver price and Gold price until August 28.
I think they continue to go up together. But I think the biggest and quickest gains will be in stocks until the bubble pops. Then look out gold goes to the moon. Very similar to bitcoin.
Gary, why are you so confident ? In my opinion the PPT only steps in at extreme situations. The strategy of buying on dips is coming from the robots / computers, not the PPT.
We are getting closer and closer to the debt ceiling, which will probably be a big problem – also for the stock markets. I think the vertical phase of the bubble can’t start before the debt ceiling problem is solved – maybe in winter. Up to then the stock markets will go sideways.
In my opinion gold has a better balanced risk/reward profile this autumn – especially the miners, they are so cheap:
It’s much better to be proactive and stop the downward momentum before it really gets rolling than to wait until the market is panicked.
Gold is nearing that 1307 resistance zone today.
Stocks are 35 days into this daily cycle, 20 weeks into the intermediate cycle. As of yesterday they have retraced back to the 38% fib. That is the first potential spot for a bottom.
Either way the intermediate cycle will bottom when this daily cycle bottoms, and it shouldn’t have more than 5-6 more days to go max. It may have bottomed yesterday. Some of the typical signs are there. Diverging TSI. Diverging McClellan oscillator. Diverging tech sector and semi’s.
One smart move is get out PM miners now at higher price and come back later scoop up more shares at lower price after option expiry.
I have doubts that this correction is going to stop at 2400.
For those miner traderds after some analysis I have come to some discovery to the pattern of GDX (miners) That might be of use and support confidence to very little drop further and acceleration ahead waiting on verge of breaking the key 400 MA. The miners wipsaw was due to all the MA’s convergence to crossing for the new bull trend as the price bounced between them (see charts below)
You might find this interesting that in weekly and daily how the MA resistances and support are at specific MA for gold and miners. We might have crossed most relevant MA’s in GDX so they are support for very little down movement now it seems, and have been bouncing below the 400 MA as last resistance to break from June.
Miners is specifically sticky when falling or jumping between the key MA. The convergence of all the MA’s as you will see these now explain miners behavior and could help with trading them. Miners has been trying to break the 400 MA as it dropped below it 14 June. The peaks were held by 210 MA and Daily cycles seem were regulated between the 20 & 50 MA
The most relevant MA I kept and is seen all presently converged between 23.24 & 22.38 of GDX
Hope this might help to your strategy!
Here is the silver https://invst.ly/4ul-i, price is that trying to break some key MA’s and is 3 key MA together but above the 800MA and just broke the 200MA but below the 400MA about 17.34. After 17.56 it would have broken the converged 360 that have been a major support.
A test of 200dma of ndx would be around 5400, ie, a 10% drop from high
All we really need to do is break that intermediate trend line. The daily cycle still has 3-8 days left to do that.
But I can say with a great deal of confidence that the ICL is going to end within the next next week to week and a half when this daily cycle bottoms. And we all know how the move out of ICL’s typically behave. They usually rally 6-8% in the first 12-15 days. . I expect this one to recover the all time highs within the first 12-15 days.
On the technicals gold is in overbought territory but nowhere near extremes. Regarding levels, silver needs to clear $17.45, gold $1307. Silver still looks weak in my mind. If gold breaks $1307 then $1330-1350 awaits which is the long term trend line. Is it fair to say Gary is usually about $50 out with his gold predictions, Totally unpredictable at the moment, guesses followed by adjusted guesses……
Gold 1325 is the 300 MA and technical monthly target
200MA is silver support presently with 16.90 resistant as support. RSI & MACD show convergence for bullish move to my tech. https://www.tradingview.com/x/CuYYkVaG/
battling with 17.20 resistance
I would like silver to break the trendline
$1350 lomg term trendine, whatever floats your boat…..
Gold pops, silver not playing ball… S&P looks due for a bounce
Great Silver just broke 17.20 resistance, 200, 130, 180 MA all samelevel just broke!!!!!
Just hope its support and not false spike but become support now?
Gold, The conclusion is that what seems to be resistance levels proves less then the different MA that coincide at times to define the move extreme in periods. The MA ranges seems to be the determining factor for the cycles move in the IC, DC.
This could be a consideration to determine what actual support would hold and break if looking at levels of resistance in cycles looking at the looking at this weekly it seems quite clear https://invst.ly/4umsl
This seem to make next resistance and targets and support for cycle in time periods so also daily chart for me it makes sense to who ever see the value in use with technicals as secondary guide
Everything is lining up beautifully on the gold chart at this early hour today. I think I have written enough on the subject to knock you people out so this might be the last comment for Friday. Now we will just let things play out for next week according to predicition. I got my dollar over 1300 I was looking for yesterday plus a little extra for good measure and the bottom rail (drawn using March and July lows) has come in to near parallel perfection with the upper resistance rail on the daily gold chart (drawn through April and June peaks). Check it for yourself gold bugs:
Ped, so you are short at 1301. Do you have a stop and curious if you are trading gold futures or spot? Good luck.
No Nada. Neither short nor long at the moment. It is still too early to take a position. I specified certain conditions had to be met first before I entered a trade and also that it had to happen within a few days with the highest likelihood being Monday morning. I don’t gamble even when my idea has great odds because there have been times perfect set-ups disappointed unexpectedly. Also as a rule, I don’t hold trades over weekends when the pattern still has not completed. This one, while it looks superb, still has a little work to do before I pull the trigger.
Pedestrian you are the best contrarian indicator on this board. I have been reading your post for months.
I appreciate you for always being wrong as I make money off you.
Recall how you said the s+p would tank months back and it went up every day after your bear call? That is just one example.
Please keep posting your calls mate.
I have never said the S&P would “tank”. Find my comment and link it.
Ped your charts only show the price action , and no indications or lines
Correct. I left the information on peaks and valleys I use so that you can draw your own lines if your really interested. I can’t be bothered to make charts for people who attack all my comments each day though. But for the few like yourself who follow along I try to make it as easy as possible.
ARends if you follow Pedestrian you deserve to get burned. He is constantly wrong on almost everything he touts.
Again with the empty commentary. You gold-tards just never give up. Please link the wrong call you refer too so we can discuss this based on facts. Everyone here speculates on the future. Those are not trading calls though. And anything discussion about the long term chart patterns could not possibly have helped you profit on a so-called contrary trade.
Like Don, you are another liar on the board.
Ped’s prediction for 1200 is all but forgotten because he saw 1300 coming first.
1200 is still coming. I have not changed my mind. That is a forecast I am sticking with and you can bank on it.
Ok gary. Yes, in 5 to 8 days. We all know, that could also mean an 8% or more fast drop. Lets see how much decline this one is. Today i think is going to be flattish. It is next week that will be telling. I think early drop means 200 dma, bounce means gary’s scenario of PPT is in force again.
Good morning everyone. As posted a few days ago, target is 1316 on xauusd.
Here’s some “evidence” pointing to likely double zig zag wave C of multiyear triangle:
Also, as of today, gold is starting to poke into overbought on the yearly cycle. And if I break out the micrometer, yearly volatility has expanded ever so slightly in the past couple of days. Seems like a pullback should be coming soon — maybe down between the 50 day and the 200 day SMA area — currently 1229-1251. I could also envision a shallower pullback — something to watch for. Still, this looks like wave B, bear trap, of the second zig zag in the double. The caveat is always, these corrective patterns are notoriously complex!
After wave B would come wave C of Y to complete the double zig zag. Currently, yearly cycle resistance is up around 1333, and that should not get out of line just yet. That means that yearly volatility, which is just starting to expand very slightly, would need to stabilize and probably contract a little more before the move up to the YCH.
In the above scenario, that would mean a chance to exit long positions at a profit — today, Monday, Tuesday, something like that. Then a shorting opportunity. Then another long opportunity, followed by a YCL below 1200 but above 1122.
“In the above scenario, that would mean a chance to exit long positions at a profit — today, Monday, Tuesday, something like that. Then a shorting opportunity. Then another long opportunity, followed by a YCL below 1200 but above”
Good morning. What is your timing bad for the YCL? We have confirmation today of the ICL in July, so a bit perplexed about this comment. I agree Monday or Tuesday appear to be good days to lock in profits from long at the moment, will have to see how things develop today. Will be interesting to see how market reacts to yesterday selling.
Back into shape after missing three days of good action.
Dday is back!
The situation looks exciting.
Let us make good money today!
I need to get back to you. Allow me sometime.
Come on guys, it’s not too late to join Spanky and myself on our trip to the mooooon!!
You still have your shorts in the challenge as far as I can tell. If you closed them at some point I will need to see a confirmation email.
There is a difference between paper money and real money Gary. I said I was riding DUST to dcl when it occurs. With real money I listed target of 1316 in spot. I will be happy to post screenshot when I get out of car.
I just wanted to make sure I didn’t miss something.
Don’t forget when I take trades I assume other people are following so I don’t think everyone should assume that just because these can be paper trades you should just ignore risk. Trade as if real money is on the line.
No worries. Here is my real position this morning:
and I sold my XBI puts and half of GLD calls at open:
The money going long on the miners/gold might be made mostly within the first 1/2-1 hour.
Guys look at daily USD/JPY, huge support. I’m shorting from here. Bankers did their job nicely and you are exited like kids. Short.
I mean short metals, sorry.
And do not forget about traps…
Gold and silver looking bullish on my 240s:
What is a 240?
Oh, you mean a 3 hour chart. Got it!
Bonds signaling further weakness ahead for the indices:
Again, what helped us get ahead of this entire move was the RWM weekly that we noted was bouncing from support all the way back in July:
To be clear, if we can take this resistance level out to upside it would be very significant and bearish for the indices….
We clearly now have confirmation of what I’ve been saying all along. Gold completed an ICL in July.
Just like the stock market you have to buy the dips.
We should get a nice dip in gold once stocks find their cycle low and start to rally.
Watch for the turn in USD/JPY around 108.
Yes, good call, hats off on the ICL.
Yes, good call.
Gold is moving up; it will be interesting if Gary will make a call to buy Gold, instead of buying the QQQ or TQQQ at the tops.
I don’t think you’ve been paying attention. Everything is a buy on the dip. I’ve done multiple posts and videos showing how everything is going up together.
Stocks produce the first bubble.
Gold the second once the stock bubble pops.
You have to buy the dip in both.
Thank you Gary
Naz Monday ⬆️
Watch active month Sept 2017 SILVER is playing.
People start panic into option expiry.
Gold is a side play now,
Just sold 100% JNUG at 18.80 … in cash for now
Aug 18 sold 100% JNUG 18.80
Aug 2 buy 50% JNUG 18.20
Jul 31 buy 50% JNUG 18.59
Jul 28 sold 100% JNUG 18.69
Jul 27 buy 50% JNUG 17.61
Jul 27 buy 50% JNUG 17.98
Jul 24 sold 100% DUST 30.95
Jul 18 buy 50% DUST 30.19
Jul 17 buy 50% DUST 30.80
Jul 14 sold 50% JNUG 16.92
Jul 13 buy 50% JNUG 16.08
Jul 11 sold 100% JNUG 16.56
Jul 7 buy 50% JNUG 15.03
Jul 6 buy 50% JNUG 16.46
Jun 30 sell 50% DUST 31.48
Jun 27 buy 50% DUST 30.05
Is that PPT said “enough is enough” ?
If they stop the selling before the SPX breaks the intermediate trend line then we probably get a double top and then a long grind down into the ICL in Oct.
It would be better if they just let the market correct and break the intermediate trend line during this cycle low.
If we ever a chance to break PM manipulators, this is IT. Time to destroy them. Billions Billions dollars hanging on thread in Silver contracts expiring August 28. at $17.00….
PM manipulators have so big their war chests, you cannot be sure until SILVER stays around $18 before the roll over.
This could be PM bull trap before smash down next week.
Don’t take your eyes off from SILVER.
@Pedestrian: Has gold budged? No damage to Sm pattern yet? Has last one hour changed your views or not yet?
The chart is awesome. No damage to the technicals I follow. This is a sell in my books barring any unexpected nuclear antics from Kim Kong.
PM BULL TRAP is being set up now.
Don’t fall for it.
With Total Eclipse on Monday, today could an excellent day to set a trap for emotional PM bulls.
Just remember that Bank Cartel CONTROLS news feeds.
Every news feeds coming out last few days tells me, this is a trap.
And don’t believe PM will move same direction as SM.
To sell GDX or not to sell?
Dow is approaching the 50 dma today. The 50 dma would, you would think, be at least worth a bounce.
The triggered H&S projects to 21200 though, which is more or less the current 100 dma. I expect that MA or number to get hit eventually. Not shorting or anything, just what I see.
GDX looks pretty weak tbh (but then the entire rally from July 10 looks weak to me).
$silver also put in a black candle yesterday which has never been a positive indicator for near term price.
Still long silver miners and will stay long come hell or high water. My AXU continues to inch up gradually and the daily chart actually looks like a sustainable and large ramp higher is possible. I guess we will see.
Moon covers Sun on Monday next week.
Moon controls Tides.
Stock Market controls by Physics and Laws of Nature.
No sense Pissing Against Wind.
Let’s see how the day closes for GDXJ, but today’s and yesterday’s candles are very weak looking. Again, not saying go short. I am personally long miners.
Well, I recovered the $650.75 lost three days ago and made half lunch for a total so far of $1011 🙂
Good reading to all !!!
Keep the good work!!!
Nice to see your profitable record.
Please share how your crystal ball works.
Like I have said before, It’s always Better being Early than A Day Too Late.
I would buy PM here with both hands if you have not bought yet, but never with Leveraged Funds.
This is an Excellent Day to buy Gold and Silver Miners.
Just don’t panic when a smash down comes next week.
As long as you understand that Time to Sell is before Crash, not After, Gold Bulls should be OK even with a smash down next week.
Ed – next week is mcnjs roaring – could well be a sharp run to top in qqq/dia…lunation is additive not leading imo. I had gold making a low this am – but now it’s totally confusing….long miners/short gold with puts into exp the only way I can play.
I’ll be a monkey’s uncle if GLD doesn’t at least tag the upper weekly bollinger band next week, which should be higher than 124 next week. It’s a pity that the miners haven’t really responded like we know they can.
long qqq/short IWM here into next friday.
Miners may go sideways for the rest of the day. We shall see.
I am done for the day.
Have a nice profit today.
More weak action in gdx:gld today. I have no idea what next week will bring for the miners, but my guess would be lower, at least early in the week, based on this pathetic candle.
Maybe the bigboys are painting a weak chart intentionally to throw off wannabe long? Ha! I can dream!
Would be awesome if miners exploded higher into the close! That would be unexpected for sure.
This candle doesn’t look weak at the moment now. We will have to see how miners close before making a call!
next week has potential to be the recognition point for miners to begin uptrend imo…we see.
Would like that day to be today!
Large selling on strenght in AG.
Also in GDX, but not in GDXJ. Guess it has some more room to the upside.
It’s a positive step if $hui can close over its 50 WMA today.
FWIW, the inverse H&S on the 2 hour GDX chart has been triggered and projects to 24.
I have been playing the markets professionally for over twenty five years and know of several successful traders. None are short term traders who sell at the first hint of a loss or who sell for chicken shit profits.
This board has a lot of interesting characters, most of which are going to lose money. Those who claim to be winning day traders are full of shit. Successful short term traders are a rare breed and never spend time on these boards. They just don’t have the time for chit-chat. The most successful traders are long term buyers who buy sectors that nobody else wants. They expect drawdowns and long periods of just waiting.
I am not going to bore everyone with tales of my success or what my next trade is going to be. I have no need to impress anyone. I will tell you is that I have observed a only a couple posters here who have what it takes to make real money over the long term. If you can’t figure out who are the best to pay heed to, then you are one of those destined to lose.
The author also knows his stuff but often takes on risky leverage, perhaps to appease the demands of the gambling subscribers looking for a quick fix. Leveraged products should only be used sparingly with low fee ETFs being the ticket to long term profits.
Good luck everyone.
Thank you for the sanctimonius and patronizing post!
LOL, just my thoughts Spanky. These one-shot posters are hilarious. They always imply they are much better than everyone else but never stick around to prove it. Just blah, blah, blah and then they are gone again. Too funny, man!
Pedestrian. you are already trying to pick a fight with a new poster! “never stick around to prove it” That coming from a guy who refuses to post his positions or trades.
I don’t understand why Gary puts up with you. I am beginning to wonder if it is because Pedestrian is Gary himself.
Thank you for your insight (kenny). Care to share who it is I should be paying attention to? What are your thoughts on the markets?
If you haven’t figured it out yet Sassy you probably aren’t paying attention.
Most of this site is populated by hostile goldbugs with a pro-gold agenda or guys heavily invested in gold positions that are badly underwater. Some I suspect are working with gold companies and spend their day shooting down any commentary that is negative about gold and does not suit their interest. They are entirely biased in their views and can never be trusted when they promote this or that company. Most of the traders here meanwhile are complete bloody fools, don’t know a technical pattern from their own backside or are just plain lazy, undisciplined gamblers with wads of cash to blow and time on their hands to behave just like internet trolls do everywhere. And like the gold community as a whole they are almost all liars.
Spanky reminds me of one of those yappy little klennex box dogs…….
Spanky, what a bone-headed thing to say. It’s dick heads like you that chase away people we could learn from. I think it safe to say that you are one of those guys “destined to lose”.
Get off it JJHarmen, Spanky is one of the few genuine technical traders on the site with the ability to correctly analyze a trade. If I had any criticism of him its only that he leans too bullish and does not trade on the short side.
Thanks Ken. Hope we hear from you again. It would be nice if you would share the handles some of the traders that you see as being successful. Maybe on other boards also? (I know it wasn’t me. I struggle sometimes. LOL)
Thank you Kenny 🙂 you described my approach very well!
Miners headed for the moon! Who’s on board? lol
Hunh? GDX is up like 1.2%????
It’s unbelievable how many are still bearish the metals and miners?? I guess thats a good thing. We are above 1300$ we have broken above the 6 year downward trend line but many still refuse to believe what Gary been saying, that a new bull market had started in early 2016. Climbing a wall of worry is just fine with me, let there be contrarians all the way up to bubble highs 🙂
They will all be buying after a large breakout.
Yes and they will all be saying that they were already in and made a ton of money lol 🙂
Both GDX and GDXJ have broken out of there pennant formation, looking for more upside 🙂
guess Kenny has a brittle definition of trader – best traders I knew did 3-4 time frames simultaneously. Long Long term investments in key sectors, medium term technology trends, weekly option prem skimming and daytrading sp futures. Guess we can’t all live up,lol.
Did those traders you knew spend tie on these chat boards? I would think a really good day trader would not be so inclined to waste time.
simple explanations can be insightful or stupid…take yr pick.. good daytraders r generally done bef 10am and then maybe, a 2pm trade if they had nowhere else to be.
“Good morning. What is your timing bad for the YCL?”
Hi Nada! First, there may still be a couple of months for the YCH to complete.
Afterwards, Wave D can be “quick” — so maybe shorter than last year’s decline is possible. Maybe 4-6 months to complete? But I will need to see how this yearly move up completes for a better idea.
I plan to look at the multiyear charts over the weekend & see how they are shaping up. That cycle has a while to go, I think (more than 1 year)…
S&P looks golds good to bounce at 2420 which was my best estimate from yesterday. If it holds there I will be pretty damn pleased.
Screwed up that post. Sorry for bad typing.
What I meant to say was that the S&P has indeed bounced off 2420 which was my prediction from yesterday well before the close. I only bring this up for the benefit of the Don’s, Primetimes, JJHarmens and other site retards who don’t know how to read a technical chart. If anyone is curious how I knew a day in advance where the S&P would bounce from then by all means ask. The rest of you hostiles can screw off.
Gap and crap in the miners? Looks like it now.
We’ll see what next week brings.
Gap filled, lets see if its more than that (GLD GDX GDXJ)
Will Trump resign before the year ends? I hope he does not. It’ll be much easier to make money if he is the prez.
For some reason, when I think of Trump (rather infrequently), the name “Octavius” comes to mind.
Did anyone long? Right before the trendline test. Gary, ICL over – lol. 2 day ICL is all thats permitted 🙂
If the PPT rescues the market here then I think we have another test of the highs, possibly 2500 before a grinding move down into an Oct. ICL.
That would work with gold giving us a DCL while stocks bounce and then another rally to at least 1400 as stocks work down to the Oct. low.
I’m going to try to do the weekend report and cover this scenario and have it out before the close.
Unbelievable if true. But then its been happening for 8 years. This bounce is 100% yen driven.
Yes, BOJ defended 108-109 area with a vengeance. I thought we were well on our way to 106 – we may still be, just a hiccup.
I see the markets as a living laboratory, love the challenge of ‘solving’ the trends, a bad habit if simply money is your goal. I like finding good minds to see another view of the grand puzzle.
Huge gap and crap in $XJY today should send the US stock market in the opposite direction. Wouldn’t be shocked whatsoever if it closes higher today. $XJY looks like it has formed a topping candle so far today. Should provide support to US stocks and the opposite for metals.
Looks like gold kissed 1300 for a nanosecond and is heading back down. The SS Wet Noodle needs to head down to the valley for awhile and refuel before it can break thru upward resistance. It will eventually, but not on this run.
Yen’s action today is miserable. Total capitulation. No breakout today in metals that’s for damn sure. Today’s candle in yen depending on how long the wick ends up is probably going to mean there will be a lid on metals for at least a week or two and probably means we have achieved a near term top.
Notice the pattern in $XJY’s price action off the low compared to the last cycle. The moves are almost identical, including the action to sucker in longs. Is this time different?
what happened? did they get a good deal with NAFtA?
$usdjpy ignition is what happened. Pretty big reversal sends gold down and stock up.
Just be prepared if we are witnessing the ultimate BULL TRAP in gold and miners. Take you right up to the edge of a big break out, then possible rug pull?
agreed…I would be comfortable with gold at 1260
Oh for f___ sake. Everything was looking good this morning and then they took away the punch bowl. I could have sold my miners for a nice profit and now it has all gone to shit. I could have covered the Facebook short at a profit and it has gone to shit too. I hate Fridays.
If $XJY can close the day with a doji candle, I will consider it a victory.
A face only a mother could love.
LOL… I am still expecting a spanking of the miners
I think oil just confimred a daily cycle low yesterday.
fully equipped ( :
USO has what may be an inverse head and shoulders and just jumped by 3%
Oil has confirmed a DCL which should help the S&P.
That would be nice.
I sure hope so, been a rough few days. Will sell when things get overbought.
I am with you Megamind. And don’t forget the big boys are back soon from summer vacation in the Hamptons. They will be refreshed and ready to go, and fleecing retail gold longs is their favorite sport.
I am still 100% $100,000 into JDST in the competition ….
Also Armstrong just posted saying that market is going to drop in to early 2018…and it is going to be a SCARY one…so I am thinking atleast a 15-30% drop in SPX
LOL He posted for almost two years now that gold was going below 1000.
Back in 2011 he was predicting gold would be above 5000 by 2015.
He missed the 7 YCL and was predicting much lower prices when it bottomed.
He called a recession back in 2015 which clearly hasn’t happened.
Almost worthless as far as I can tell. Sometimes Socrates will get a short term call right although the arrays are setup as to have multiple possibilities very similar to EW. So they can be interpreted to say almost anything.
Well if that’s the case then gold really will take off during 2018since it unquestionably responds to a falling stock market by rising. The reason is because of the Yen. Gold is positively correlated to Yen/USD and the Yen is inversly correlated to the Nikkei index. When global markets fall the Nikkei falls pushing up Yen and thus providing a tailwind for gold to rise with it as a safe haven trade. It will be interesting to see if gold stocks follow along or are crushed by a falling stock market.
The Canadian gold miners have fallen much harder than the American?. Why? My HGU has gone completely to shit. Don sold yesterday and i should have followed. I thought the miners were going to explode. upwards. Sad fing tale.
HGU fell below and then backtested the old support line which failed so it sold off and now support has become resistance. It looks very negative right now.