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There is an old Yiddish expression called a bubbe meise (pronounced my-seh). I guess the closest English interpretation of this expression would be a grandmother’s tale, or in the common vernacular, an old-wives’ tale.
Of late, I am seeing a bubbe meise about the importance of central bank buying of gold, and it is making its rounds on websites all over the internet.
We have been hearing for many years about how gold is supposed to soar because countries and central banks are buying the precious metal. Most of the fundamentalists in this market are convinced that this is a bullish signal. In fact, one article I read explained that central bank buying “is significant, as central banks are the ‘smart money’ given their influence on global economics and access to non-public information.” (more…)
Fed Minutes day produced some intraday zaniness. I was basically “checked out” of the insanity all day long, as I chose to do something I hardly ever do, which is to stay completely out of the trading day. I was roaming the chilly streets of Cambridge, Massachusetts, glancing periodically at my iPhone to see what the ES and NQ were doing.
The market was up overall, but we are still completely unresolved. The giant unknown out there remains the Trade Talks, although every blessed day we get some kind of encouraging news about how well they are going (uh-huh). Below I show major indexes and what I consider important areas of resistance (usually horizontals, but sometimes broken trendlines).
There is no shortage of interesting patterns right now. One of my favorite continues to be the Consumer Staples Select, which is featuring a very handsome diamond reversal pattern. Here you can see it on the long-term chart. I have used the polygon tool in SlopeCharts to highlight it.