Daily Archives: May 16, 2012

What Is It About Rockets?

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Those familiar with my blog know of my fondness of model rockets. I'm not quite sure what business a middle-aged man has running around shooting off propellant-laced toys, but there you have it – – I'm a model rocket addict.

My interest in this started back in Louisiana when I was perhaps ten years old. I had very little money, but what I did have I typically gave to the local hobby shop in exchange for Estes kits and engines. My friends and I would always look forward to traipsing off to the elementary school playground and shooting them off.

Back then, I hungrily eyed one rocket with a built-in camera (with 35mm film, I think). The box shows the snapshot the rocket took from way up high. Of course, I imagine those who actually bought the rocket wound up with inscrutable blurs (after waiting a week for processing), but I confess I really longed for such a thing.

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Gold and Silver Update (by Springheel Jack)

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Just a quick update to cover the gold and silver charts I didn't have time to post this morning. On gold my second level of support has broken, the possible IHS forming is close to being eliminated as an option and my third level of support is possible declining channel or bull flag support in the 1500 area. There's some good support in the 1500 area and just below. If that fails then we are potentially looking at a fall much lower and I have the next key support levels just over 1300 and in the 1150 area:


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1340 SPX Support Broken

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1340 SPX broke with some confidence yesterday and is no longer strong support. The double-top and H&S targets on SPX are in the 1292 area at the October high and that is the next big support level on SPX. Those are both high probability patterns and looking at a wide spectrum of charts this morning the odds that we will see that test in the next few days or weeks looks good. Everything looks oversold and we may well see some decent bounces on the way however. These bounces will look like good short entry points. Here's the SPX 60min chart:


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