GDXJ 60 min.
With respect to the previous post… no neckline break as the last hour took a little off the top of GDXJ. Just a play-by-play FYI for all you sports fans out there. Continue reading GDXJ 60 min.
Day: November 11, 2014
Gold Stock Bears; Decision Time
Our furry friends are going to need to make a decision soon. That is because the still-intact bottoming (bounce) patterns we noted on GDX and GDXJ in an NFTRH update after yesterday’s close are getting close to their necklines. Bears are short this ETF via JDST as I anecdotally understand. Here is the GDXJ 60 min. chart from the update… Subscribe to NFTRH Premium for … Continue reading Gold Stock Bears; Decision Time
SOX Weekly
Checking in on the Semiconductor sector, where all the bear hype started in October, we find the weekly SOX at an interesting juncture. Of course you just knew – or should have known – that all the hype was going to get punished (enter the wonder bounce). But now we are near a triple top and some important resistance. A lame looking MACD and RSI … Continue reading SOX Weekly
More Macro Trends
Sometimes it is good to just put the data up and let it speak, whether or not we want to hear the message or whether it even seems to make sense. From MacroTrends…
The Fed’s balance sheet and gold on their post-2012 divergent paths. With QE terminated, we will see which of these lines adjusts going forward.
Yeh, gold to monetary base has really done its job protecting people from the dreaded inflation. Sheesh… However, let’s keep in mind the idea of extremes (in data, in sentiment, etc.) and what happens when phases pivot and snap backs occur.
Has this whole event in gold been merely a well and good correction prior to new eventual ← [that’s a key word, relax] upside?
Global Employment Data
Upon rummaging through the St. Louis Fed’s excellent database, some global employment data items for review…
US manufacturing hourly earnings are in an uninterrupted up trend. To think, all through this uptrend detached, abstracted Wall Street suits and associated media, who’ve never set foot on a shop floor sold a story that we don’t make anything in this country anymore (invest in financials and play the stock market instead!).
This has actually been the result of automation. Fewer employees are more skilled in technology. I don’t say ‘more skilled’, because being a real machinist for example, is a lost and under appreciated skill.
Canada’s general employment picture is good too.