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Well, the big news tonight was what Japan would be. Here’s the skinny from our friends at ZH:
Disappointment on rates (no change)
But it appears BoJ unleashes its reverse twist idea…
We are well along in the precious metals correction and have downside targets for gold, silver and the miners. In order for that to be a ‘buy’, the sector and macro fundamentals will need to be in order. Some of those are represented by the gold ratio charts vs. various assets and markets. Below are two important ones.
Gold vs. Stock Markets has been correcting the big macro change to the upside since leading the entire global market relief phase (potentially out of the grips of global deflation) earlier in the year. A hold of these moving averages, generally speaking, keeps a key gold sector fundamental in play as the implication is that conventional casino patrons are choosing gold over their traditional go-to assets, stocks. A breakdown from the moving averages and it’s back to Pallookaville for the gold “community”.
The bulls met both of the targets that I gave them yesterday morning in that the 50 hour MA was converted to support and the close was above the 5dma, so the three day rule expired without a bearish break. Somehow though they managed to do that without inspiring any confidence that this uptrend has real legs. If it has at least some legs then I’d be looking for a test of the daily middle band next, currently at 2162. SPX daily chart:
We all continue to wait for the she-devil tomorrow, so I’ll just say the market remains hemmed-in, as shown below in yellow. My dream would be a break around where that circle is, or at least keep us from penetrating into the overhead supply that I’ve tinted in cyan. As I’ve mentioned, I am short but not aggressively so. I don’t plan to get aggressive until the coast is clear from the troll.
I have been watching with great amusement John Stumpf getting corn-holed by Congress, particularly by Elizabeth Warren. It’s clear their reputation is totally trashed. These guys are toast. And the bear market hasn’t even started yet. John Stumpf for prison! And Carrie too!
