As often noted, we should all have decided whether we are an investor, trader or whatever other style of casino patron we are prior to the correction. I hesitate to…
Pardon the low posting volume. I am in NYC, having moved my first baby into her new dorm today. A very weird and sad experience. But a good one too. As…
Note: Squeezing in an update before heading out to NYC to move our daughter into school. See you on Friday if updates are warranted or on Sunday with NFTRH 410. …
A simple chart showing the silver-gold ratio (2nd panel) at the limit point it has reached during previous pullbacks. This fits well with HUI in the top panel as it…
SPX daily is at the top trend line of what could be a wedge. Huey is in a robo trend up in a channel. SPX weekly shows the 1.5 year…
The Semiconductor Equipment book-to-bill ratio for June came out last night and it remains solid. While bookings eased a bit they remained elevated and billings were the highest since 2011. So the question of whether this earnings season should be solid for Semi Equipment companies is answered; it should be because the April-June quarter was significantly better than Q1.
How many more gaps to go? The thing came within 1.89 of the general target (275). Today it's dropping to fill a momo gap. There could also be more momo…
I will be the first to admit that I do not consider chart patterns to be nearly as important as support/resistance and trends in TA. Still, I am a sucker…
I believe that one of these is lying. Either the current move in the Silver-Gold ratio (which we noted during the trading day on Wed.) is false (and with this morning’s pre-market activity, it is being propelled higher) or the US dollar is conspicuous in its post-Brexit strength and due to drop.
Daily technicals with no cluttering fundamental or sentiment commentary.
HUI hit resistance above 240 in the form of the neckline to a pattern that could actually prove bullish. I have been thinking at least the first gap may fill but so far, it’s not happening. The pattern, which some would call an Inverted H&S (bullish reversal) is actually a consolidation of some kind with a bullish look to it. If it were to play out that way it measures to around 275.
Silver (SLV) is breaking through resistance. Gold (GLD) is as well. Gold-Silver ratio and USD (UUP) are going in different directions today. This will not last. HUI led the Silver-Gold…
I want to preface by repeating that we are all different investors and traders with different means, methods and objectives. NFTRH is not a service that tries to instruct about what is best for others because I do not know the detailed situations of others. So the mode is to interpret the markets as best as possible from a fundamental and technical view, and also show what I, a lowly individual market participant, am doing with my own funds per my own unique situation.
GDX has hit the first level of support we had defined as the 50 day moving averages. This after the breakdown from the daily bear flags we noted a couple days ago. The next support, should the correction go deeper, is the 50% Fib retrace, gap fill and lateral support cluster at 19-20. These are the straight up daily technicals with no fundamental discussion clouding the issue.
Yesterday it was noted that the reversal upward would be a good step in the right direction but that a weekly close in that state was needed to ‘confirm’ (to the degree that anything in a financial market can be ‘confirmed’ ahead of time) a reversal to bullish.