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Just a heads up on what I’m seeing in gold right now via the GLD ETF. The charts speak for themselves.
4yr view
1yr 3mo view
Obviously, I’m not suggested a straight up moonshot, the line is just a target off the Inverse Head & Shoulders pattern. I don’t think they really mean anything as far as a target goes, but it does show a reversal of supply/demand in play which will lead to further short-covering.
Beef may be back on the menu within the 1st quarter.
After looking around at a few risk ratios I haven’t looked at in a while and given recent developments in price action, I think there is more cause for concern here than many think.
I have reason to believe that Mr. Market is lying to us.
I had an intermediate buy signal trigger on the gold miners a couple of days ago so here are some candleglance charts (that are optionable) showing some quick scribbles of what I mentally see on them when I look through them taking notes. Some of them have already had some major moves, but there are still plenty of opportunities that are still basing. But bear in mind that those charts that have already moved hold the strength vs their peers, so any pullbacks in the strong ones should be good long bets going forward. (click to enlarge). (more…)
Hey folks, just wanted to share an observation I made today and my hypothesis that the market is at an adjustment point and working out where it’s going to go next. I share one single chart for your viewing enjoyment (click for larger view).
The last time I posted (Nov 29th), I shared the VXV:VIX ratio and suggested that the S&P500 was likely to continue it’s grinding uptrend unless something changed. I also shared HYG as a potential short which I unfortunately missed, but turned out much better than I expected.
As it turns out, the grinding call was the right course of action as the daily 20MA held the following Monday and ground its way back up to the highs again. This past week, price appeared to be doing the same until Tuesday, December 9th which broke the 20MA and delivered a lower low on the hourly charts. Despite the very bullish looking candle, the depth of the decline put me on guard for further selling. (more…)
