There are many more details and indicators that inform well balanced ongoing analysis, but the three scenarios below are the general options before us. Excerpted from this week's edition of…
Here is a weird looking CoT this week. Gold improves and silver degrades. Therefore by this measure I like gold better than silver. But then, that applies anyway. I don't…
In an update earlier in the week we noted that the preferred scenario of a USD correction might morph into a bullish consolidation in the form of an imperfectly formed Symmetrical Triangle.
Well, today Uncle Buck is dropping below the lower line and making a signal that our initial target of 94 (+/-), with its combo of a trend line and support cluster, is a good one.
A few relevant charts to the still-bouncing gold sector... HUI-Gold ratio holds above the SMA and EMA 50's. The 10yr-2yr spread is above the MA 50's. Gold vs. Stock Market…
Stock Markets
Interesting developments in the markets this morning. Apparently momentum-fueled markets are getting knocked down by some hype from China pertaining to authorities allowing shorting of Chinese stocks. That is not fundamental to anything, but it is a shot across the bow to over confident bullish momentum players the world over. In true momo fashion, they are knee jerk selling in response.
After noting some new positive points and lingering negatives, the Precious Metals segment of NFTRH 337 ended with this…
“But the bottom line is that the precious metals are still only on a technical bounce and the CoT is giving a caution signal. We should respect both of these conditions until they are cleared. We’ll continue to update of course.”
Here is the Bank index, still holding support. While it looks like it could be making an extended top, the BKX is still above the first support level. Pigs and…
Well, I just wrote 42 pages. I'm spent, so no big promo. I am personally enjoying the market for what it gives and having a good year so far. In…
S&P 500
Per the simplified big picture daily, weekly and monthly charts of SPX first introduced 6 weeks ago in NFTRH 329, we have been managing potential downside targets of 2000 and 1900.
If SPX were to hit either of these targets it would not kill the bull market, especially if 2000 holds. In that case it would be a normal, moderate and healthy correction.
The bounce has materialized, as anticipated. This almost had to happen given the vastly improved CoT structure for gold, the over sold levels of the stocks and the “puke” sentiment noted a couple weeks ago.
The first target on HUI is 180 (+/-). What we have going on there is a gap to be filled and a resistance area that has very clearly held support and provided resistance for the last 6 months.
An important new theme is introduced with respect to the Fed and its unruly subject, Uncle Buck. Lot's of other good stuff too. Subscribe to NFTRH Premium for your 25-35…
Gold and Silver Commitments of Traders improved again. This weekend we'll take a look at graphical views and see where the trends are at. Subscribe to NFTRH Premium for your…
As posted at Biiwii this morning…
There is a writer we’ll call Don Quixote who is tilting at something that no longer really exists… the evil gold promoters that used to be taken seriously by innocents to the tune of near total destruction of their portfolios.
Don once went on about the gold cult and I even highlighted his post because I had been going about the gold cult as well. The cult-like aspect of the gold “community” (← a dead giveaway) was real, and the group-think that the 2001-2011 bull market fostered was very strong and really damaging to those who did not question its tenets until it was too late.
Gold's CoT data predictably improved again this week, but here I think some discussion is needed just in case it starts to get hyped too much. Below is the CoT…