strange that 2 previous long term tops occurred one day after New Moons both on Aug 29 2000 and Oct 11th 2007... all well and good but stranger still is when you project that resistance line across to today you'll find that the coming May 9th New moon appears ready to bisect both time and price pricesly. Very strange indeed... by the way the next day marks the anniversary of the May 10th 1837 stock market collapse and BANK RUNS hmmm... So now I ask myself... is gold front running something ? Why is Benny not going to the Hole? have we seen a Hindenburg recently ? Is aluminum about to break the 08 lows with copper following right behind ? If INDX soldiers like XOM take a hit (and it looks shaky right now) the markets will get trashed. Lots of strange happenings clustering in the coming days and weeks.
Thursday, April 25, 2013
I have SPY re-testing long term resistance which is the line that crosses the highs on the weekly charts over the last 14 years or so. The 1st attempt to break out failed and closed dead on the line. Looks like they want to come in for a second go round... that's fine, I see it holding (on a closing basis) although intra day we can expect a massive key reversal type of affair where we puncture it once again only to collapse back and have the markets turn lower. We shall see we are just about there now...
GLD is taking a direct, quick shot straight back up inside it's long term trading channel where I expect it will tease the bears and cling to the inside of the channel for a few weeks before launching in to new highs...
Tuesday, April 23, 2013
If you start from about the time BennyB when all in full bore print to infinity and take a visual of it's affect in chart form among a few industries it becomes obvious that company's like Alcoa and US Steel, to name just a few, let alone gold miners via GDX need to find a way to get included into BennyB's balance sheet. Perhaps they need to drive their industries into the ground before Benny includes them in his vision of the future?
Friday, April 19, 2013
Wednesday, April 17, 2013
With Aluminum approaching the 08 collapse lows and Copper a few steps back it appears that XOM having broke the lower wedge trendline is about to pick up momentum to the down side along with the rest of the energy sector so you have to wonder when the DJIA is going to take notice of everyone else having left the party ?
Tuesday, April 16, 2013
It looks like XOM may have broken the lower wedge line that has been supporting it and now implies I potential sharp drop to 70ies is possible. In the mean time SPY is adrift in the stratosphere above and ultimately will realign itself with XOM... or so I'm thinking but don't listen to me.. just my own thoughts here.