There are currently two open price gaps in SPY. TVIX striking the 200-day MA and the ABC measured target appears to have announced the October bottom. Below is the TVIX chart I posted October 29th at 1:22 PM. Gold and miners appear to be slowly rolling over. We should find out tomorrow or Friday […]
Continue Reading →It looks like we will have to wait for tomorrow’s FOMC announcement to see if we get a November breakdown. The Fed isn’t expected to raise interest rates, but there will be special attention paid to their language concerning December’s meeting and the likelihood for additional hikes. If metals and miners are going to […]
Continue Reading →The Democrats had a good night and took back the House. The Republicans maintained control of the Senate. The market’s response thus far has been mixed and somewhat tempered. Gold is at $1233 up roughly 0.54% overnight. It would have to clear the $1240 level to support another attempt at exceeding the October $1246 […]
Continue Reading →Tonight’s report will be brief. I’ll release a full summary tomorrow. -GOLD- Gold finished below the 10-day EMA. It doesn’t mean much until we see how markets respond tomorrow. -SILVER- Prices moved back to the middle of the range. I imagine we will see prices break free within the next 72-hours. Which direction […]
Continue Reading →Metals and Miners are down slightly. The stock market is trying to rally, and oil slipped another 2%. -GDX- Miners could be in the process of forming bearish engulfing candles. If this is legitimate bearish behavior (not another fakeout), then it’s likely forecasting a breakdown below the blue trendline tomorrow or Thursday. In line […]
Continue Reading →The elections are finally here, buckle up, the next few days could be bumpy. Polls close at 8:00 PM in most states. We probably won’t get a feel for the results until midnight or 1:00 AM…unless there is a blowout. I’ll monitor the futures off and on throughout the night for clues. Wednesday’s initial […]
Continue Reading →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 […]
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