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...
Thursday, April 25, 2013
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.
Monday, April 15, 2013
so for now I'm opening positions in NGUT for the short term. My concern is I think /ES is headed for low 1100's in which case gold and associated etf's may very well flat line until the equity slide finishes. The $RUT will probably see the most damage in this down turn so I'm also long TZA as well. Obviously don't listen to me (goes without saying) just my personal thoughts....
Friday, April 12, 2013
also if you use a line chart (weekly closing price) and extend across the previous 2 tops going back the last 13 years or so it looks like we closed right on the touch point...
Thursday, April 11, 2013
Technically speaking if XOM is developing into a maturing wedge and should it break down as it appears to be contemplating sitting right on the trigger point and with SPY in the background (red) revealing how far ahead of it's self it has traveled..should XOM break it will be a blood bath in SPY.. big if I know
Thursday, April 4, 2013
To my way of seeing it gold has one last flush lower that will break support and the longer term channel at the same time. This is where everyone dumps their gold and exactly where I reload long looking for 2800 price target.. or so I'm thinking