There are many calls for a new bear market in stocks; I don’t see it just yet. In my opinion, several pieces of the recession puzzle remain missing. Nevertheless, the bearish talk caused me to go back and reevaluate the charts for clues…and I uncovered an interesting observation in the oil market. Higher oil […]
Continue Reading →Bitcoin is below the $5700 support level (currently $5,219) and prices could enter a secondary collapse. The next level of support is $5000. Below $5000 and investors may begin to panic. It looks like prices are heading to $2000 – $3000 before the next significant bounce. For review, here is the August Bitcoin […]
Continue Reading →Gold, Silver, and GDXJ are at critical support while the dollar appears to be breaking out of a 3-month bullish consolidation. Oil is down 28% in just 6-weeks; prices are approaching support. The decline has been relentless and taken on a life of its own. I think oil is capitulating and I’ll look to […]
Continue Reading →I purchased JDST last week at $73.45. Prices are up nearly 15%. I’m leaving tomorrow for a hunting trip, and internet access will be minimal. I’ve decided to place a stop just below today’s $80.37 low to protect the gains.
Continue Reading →I’m going to start by revisiting the University of Michigan consumer sentiment numbers. There’s a lot to digest in the first chart, but if you study it, I think you’ll see the powerful inverse correlation with gold. Next week should be interesting. Monday and Tuesday will set the tone for the week. I’ll post […]
Continue Reading →Little changed from the previous update. Gold, Silver, and GDXJ all broke their October 31st pivot lows, GDX hasn’t. The setup for a sharp 3-5 day decline remains. However, if it’s going to happen, it should occur relatively soon. Like I said, maybe gold needs to fall below $1200 before we see a significant […]
Continue Reading →We are getting some downside price action in metals and miners today. I’m pretty confident this is the beginning of the November decline that should lead to a December bottom. At the moment, I do not see the sharp down swing in miners I felt was possible. That may change later today or on […]
Continue Reading →We are getting some downside follow-through after yesterdays Fed announcement. Gold (December) is below the $1213 low set last week. Silver is back below the $14.25 level. I imagine we will see miners gap lower at the open. If this is the collapse described in the GDX bull trap update, then we should see […]
Continue Reading →The seasonal pattern in gold supports an October high, a November decline, and a December Bottom. It looks like we got the October high at $1246. Next, we should see a November decline. I figured Tuesday’s elections or today’s Fed statement could trigger a potential selloff. If prices aren’t heading lower tomorrow, then we […]
Continue Reading →Gold fell below $1223 (currently $1222), and prices appear to be slipping after today’s Fed announcement. The next vital levels reside at $1218 and $1212. -GDX- If we are going to see a November breakdown, it should begin soon. If prices aren’t heading decisively lower by tomorrow or Monday, then we could be stuck […]
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