Dear SoH, I know this is somewhat Gary-specific, or Gary-indulgent, but I like to hammer everybody over the head in none-too-subtle ways now and then…
It must be a gold bull market because…
- Gold analysts (code for gold obsessives; analysts cover asset markets, including gold), who for years pumped people to be bullish despite an obvious bear market, are now taken seriously again as they issue the same dogma.
- A Technical Analyst months ago advised “30,000 coffins” would be needed for gold bugs and has since gone quiet while another is bearish, no bullish, no bearish again, no bullish again. Charts are only one component of gold market management, but the TA’s are again enthralling the gold community with lines and squiggles.
- Yet another gold bug TA somehow manages to tie in cycles and God for a bullish view of gold and silver and a 2016 crash for world markets. There’s a niche for everything, I guess.
- The major media as well is in obsession mode, as we find out about bullish calls on gold by people smarter than we are, like Soros, Gundlach and Druckenmiller.
- And to balance it all out, there is a man and his computer advising that gold has not yet seen its cycle lows.
A few observations today on the weekly chart of the VIX:
My fellow bloggers are seeing the same thing I’m seeing: people are just leaving the market in droves. Why? Simple. Because hardly anyone can make money consistently in this beast. Just look at the recent activity. Neither bulls nor bears are winning. If you win one day, you lose the next, and vice versa.
I guess I’m semi-grateful that at least OPEX week wasn’t the bullish fiesta that I feared. But as I stand here right now, I’m outlining my first screenplay, because the boredom and insanity of this market action is really starting to get to me, and I need a creative, positive outlet. For once, I’m actually looking forward to the weekend. This market, once again, sucks.
Aside from sounding consistently self-conscious Martin Armstrong seems to find a need to wrap basic and well known (or what should be well known) concepts in cloaks of mystery that only he – and his computer – can divine. I think this is a really smart man, but with an out sized ego.
Up-Down-Sideways? What is Going On?
“The Golden Rule of the 3 Attempts (TM)” * is another way of saying that the more times a market bashes away at resistance, the weaker that resistance tends to become. It’s basic TA, can be applied to short or long time frames and it’s widely known and respected. You have seen me write things like that many times over the years. In reverse, the more times support is tested, the weaker it tends to become. TA 101, or at least it should be.
“It becomes rather amusing to what the so called professions end up constantly wrong so they start bruding and proclaiming this feels like 2000 or 2007 before the crash.”
From Goldsqueeze: The 10-, 20-, and 30-year US Treasury Bonds are all in the final stage of what appears to be textbook cup-with-handle consolidation patterns. Just in case you don’t know, cup-with-handle patterns are one of the most tried-and-true bullish consolidation patterns out there. If you’re interested in learning more on this specific formation or maybe you just need a refresher, Trending123.com offers a nice explanation. So first, here are the charts:
Jesus Tap-Dancing Christ, I am about to fall asleep with this market. Eight solid weeks of the world’s most boring Othello game. Black. White. Black. White. On and on and on. I have nothing more to say. I’m just griping to no one in particular. Just Tim bitching.
Ya know, it sure would be nice to have some kind of trend, if the market wouldn’t mind too much. I mean, just look at the past couple of months. This is nothing short of ridiculous. For all the ups and downs, we’re at exactly the same price we were on November 19th. Six months of meandering with no destination.