Normally I want to try to avoid updates about what I am doing with personal trading, especially during emotional, hype-filled weeks like FOMC week. But with the gold sector so in the spotlight lately and with my stance (about the risk of a correction) I assume well known, I wanted to update you on a move I am making this morning.
#386 slims down to a focused 22 pages from #385's bulbous 49 pages. There is no need for more volume because all plans are intact, markets are within existing parameters…
One is the star of the year so far, grinding higher in what could be the launch phase of a new bull market as confidence wanes in the face of NIRP and other desperate global policy actions, and the realization that this disgraceful policy designed to spur speculation and asset price appreciation is all policy makers have got left in their bags of tricks. The endgame is a bag with a hole in it; a monetary black hole.
The other grinds on in what could be the last significant hope replenishing bounce before new downside is explored. Various US and global indexes are already in bear markets but casino patrons are trained to look at the S&P 500, Nasdaq 100 and Dow as “the stock market” and these have not yet gone ‘bear’. If the current bear-trend bounce fails however, that confirmation would be coming promptly.
The comments above are verified by the charts of gold vs. the S&P 500 and the Euro STOXX 50. The bullish move and current consolidation are representative of all major stock markets. This is a trend change in gold vs. stocks (joining gold vs. commodities, which turned up long ago).
Today we had the 2nd down day in a row until a reversal took hold. As noted at the site I got lucky and covered the short against NUGT before this happened. It was due to the old ‘don’t be greedy’ code and lots of unpleasant experience. This after adding GDX yesterday, as noted in an earlier post. I still think it would be for the best if GDX eventually works its way down to 16.50 to 17 (HUI 140) and the rolling MACD may imply this. But there is a small support shelf here and if it holds there could yet be a new short-term high. We’ll just have to wait and see what the market thinks.
Our little Nugat theme is all done now because I no longer like the taste of being leveraged short the miners. I am taking +15% on the trade and moving…
Yesterday I got to tell the world about my lousy trade, being short 3x gold miner bull NUGT. Writing a post about it was the easy part. Losing money hand…
Last week I got to post up my bounce longs, showing the little sliver of the world that visits NFTRH.com my great prowess in trading. Add in a couple of…
We will cover the wider spectrum in the weekly reports, but here I want to boil it down to the US stock market and the gold sector and keep it simple, as we are currently managing opposing views in these two items.
S&P 500: Bearish but on a bounce, as anticipated.
Gold sector: Bullish and so far resisting taking any sort of substantial pullback.
SPX finally turned the resistance at 1947 (middle point of the ‘W’) to support and now proceeds on its way toward target (2000 +/-, expanded to 2030).
After noting 1947 as the key short-term resistance for SPX we find it right back there testing that level. This after a drop yesterday and hold above the EMA 20,…
For months we have been having a little fun with some bears who were managing the final "plunge" using log charts. Here's the weekly log showing the breakdown that tantalized…
From yesterday's update: "As for gold, it is ready for a correction (with silver even more so) when viewing the CoT data, sentiment backdrops and over bought status and technical…
We have noted the key pullback support level equivalent to HUI 140 (GDX equiv. is 16.90) and so far this has not even been tested (the lowest GDX got was…
We introduced the graphical view of the preferred counter-cyclical environment for gold and especially the gold stock sector in July: Macrocosm. We have updated the view several times since at…