Not much to report this morning, markets are more or less flat (miners are up slightly). Oil slipped to a new low, and it looks like prices are trying to reverse. We could have a temporary low. However, I’m reluctant to believe any price action before the elections. Today may turn out to be […]
Continue Reading →We made it to the midterm elections. It will be nice when they’re finally behind us. Big money and businesses hate uncertainty. They want to know what the business and tax environment will be like in the coming years. Politicians make that difficult. They quarrel back and forth vowing to undo whatever the prior […]
Continue Reading →Metals remain more or less flat after the open. Miners are down slightly. The dollar is up 0.26%. Stocks opened the day higher, and prices quickly reversed. We should see a pullback to fill Wednesday’s gap within the next few trading sessions. Expect more volatility next week. It will probably take the markets a […]
Continue Reading →October employment came in at 250,000 jobs versus the expected 208,000. September was revised lower 16,000, but August numbers rose by 16,000, so it was a wash. A robust employment report. The dollar is rallying, and precious metals turned slightly lower on the news. Gold (December) is trading near $1233 as I write. Prices […]
Continue Reading →The price action remains crazy before the midterm elections. Metals and miners have endured several explosive days up and down over the last 2-months. Significant follow-through lacked in every case. Will this time be different or was this another convincing trader trap? Whatever the case, I think things will get easier after next […]
Continue Reading →I bought some options in GDX to cover the various bullish/bearish situations. Very small positions. Bearish 1) I bought November 16th, 2018 GDX puts at the $18.00 strike just in case this turns out to be a 1-3 day bounce before prices collapse to new lows (see Bull Trap update). Price $.06 cents. Bearish […]
Continue Reading →I’ll be glad when the elections are over. The manic price swings and wild volatility have made short-term trading virtually impossible. It’s easy to get lost in the day-to-day price swings…so let’s step back and look at what we know. We know that miners opened a large prices gap this morning. We know that […]
Continue Reading →Here are some examples of what I think may be happening. In 2016 miners topped (blue arrows) and declined to test the consolidation trendline. From the trendline test, prices bounced 1-3 days (sometimes convincingly) before a full-blown collapse. Today – Prices tested the consolidation trendline. Is this the 1-3 day bounce before a full-blown […]
Continue Reading →Metals are up, and the dollar is slipping. On Tuesday I mentioned the dollar was moving in 10-trading day increments (+/- 1-day) before correcting. Well, it looks like the dollar peaked yesterday (day 11) and prices are now correcting. I don’t know if this is just a 3-5 day pullback or the onset of […]
Continue Reading →With today’s price action I can say with about 90% confidence that gold peaked October 26th at $1246. The question now is how far will prices drop and when can we expect the next tradable bottom. Over the last 6-years, gold peaked in October (sometimes early November) and bottomed in December (once in November). […]
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