The futures are down big time. With the markets showing weakness already, is this the infliction point we have been waiting for all these days? I somehow think this is not yet the time even when the market goes down on coming Monday. The following is SPX weekly chart.
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That Knight Kid is Firing Rockets Again…….
Sitting on the Edge of the Precipice (by Closing Basis)
Cast your eyes upon these charts showing triple EMA crossovers (5, 10, and 20) of the VIX when below 18 and try not to get joyfully misty-eyed. Looking back to 2003, it has been fairly consistent, but should be confirmed by a support break on the index.
5% down is 1349
10% down is 1278
Interestingly enough, a few places in that range show a good possibility of putting in a floor. Looking back, I see a lot of corrections cap out around 7-8%. I think we've got very decent chances of seeing 1340 SPX. If that fails, then 1300.
IF we can break 1370, that is…
Gold’s Decade-Long Bull Run is Dead (by biiwii)
…says Gartman. From Forbes entry in the 'Running of the Goldbugs, 2012' sweepstakes:
Bernanke delivered the fatal blow to gold’s ten year bull market, according to Dennis Gartman. Gold has been in bear territory since the summer of 2011, when it topped out above $1,900 an ounce, with the latest post-FOMC sell-off inflicting irreparable technical damage, he says.
Well close Dennis. But let's fine tune a little: Unbridled panic-fueled momentum drove gold unsustainably higher as it took a mini blow off and very predictable correction. Gold is not broken in its secular bull market (and not necessarily even the cyclical one out of 2008) by any rational technical parameters. Not as of this writing and thus, not as of your little Forbes piece with the alarmist headline. 'Irreparable technical damage' Dennis? Where?
