I noticed something in the bitcoin chart I wanted to share. If the pattern repeats, we could see another big drop in bitcoin soon. BITCOIN CORRELATION: Prices broke critical support after the Terra Luna collapse and consolidated for 30 days before entering a true capitulation. I see a similar setup after the FTX […]
Continue Reading →Tesla Price on the Verge of Collapse? The price chart of Tesla is on the edge of a cliff. Twitter haters may use TSLA shares as a bearish Proxy since they can no longer short the stock. Breaking below the 2021 lows could trigger a cascading decline. Tesla Price Chart Below is the […]
Continue Reading →Today is election day in the US, so it’s best to take daily fluctuations with a pinch of skepticism. Nevertheless, if today’s upside follow-through holds, I’d consider it very bullish for precious metals. -GDX- Gold miners are breaking out above the short-term trendline over significant dollar weakness. As I write, gold futures are […]
Continue Reading →Headline CPI for August was just 0.1% sending the year-over-year rate to 8.3% from 8.5% in July. The Core measure of CPI disappointed to the upside, rising 0.6% in August versus the expected 0.3%. The year-over-year Core number increased to 6.3% from 5.9%, which is a significant problem for the Fed. The odds […]
Continue Reading →With gold futures slipping to $1725, it’s time to revisit the cycle count and potential scenarios for September. GOLD CYCLE: Gold has been forming cycle lows every 40 to 44-trading days (blue arrows). What do all these lows have in common? Fed rate hikes. The next low should arrive around September 14 […]
Continue Reading →One of the benefits of being in the markets as long as I have is the feeling of familiarity during various cycle phases. The current rout in precious metals has been swift, deep, and relentless. The last time I felt this was in 2018 when prices continued persistently lower despite steller fundamentals and deeply […]
Continue Reading →The annual inflation rate rose to 9.1%, surpassing the 8.8% estimate. The odds for a 1.00% hike on July 27th have risen to 48.7% from 9.4% yesterday. -GDX- Miners are forming a bullish engulfing candle after closing the gap at $26.00. It’s still early, but a close above $27.00 would be encouraging. […]
Continue Reading →-DOW- With Tesla finally cracking, I think we could now see an extremely sharp selloff. How prices close today could paint a picture for next week. Note- Metals and miners could get dragged lower with the markets. I would view that as temporary and a long-term buying opportunity.
Continue Reading →The meltdown in crypto is getting worse, and Tether is beginning to lose its peg to 1.00. Tether is the third-largest cryptocurrency and has a market cap near $80-billion. There has been a lot of speculation that Tether is a fraud or a Ponzi scheme. I’ve studied it, and agree […]
Continue Reading →The Federal Reserve hiked rates 50 basis points on Wednesday, raising the Fed funds to 0.75% and 1.00%. Powell took the potential for a 0.75% hike off the table and implied back-to-back 0.50% hikes in June and July. Markets reacted higher initially but rolled over quickly on Thursday and into Friday. There is a […]
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