Doc clarifies his calls for the conventional markets, gold, and oil
Doc joins us after the Fed minutes are released to clarify his calls on the conventional markets, oil and gold. He continues to wait for more defined trends in many of these markets.
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Hey Cory
You do alot of talking and express your option on the markets, your so called
technical option. But i have never heard you say that you are buying anything.
You have your toe in the water but the markets are never right for you.
WHAT IS YOUR PROBLEM! You have no money or are you just plain afraid.
Peter
FREAKY FRIDAY…………..GOLD IS UP………
ANOTHER FRIDAY…………..lets see, for several weeks on …FRIDAY., metals are up going into the weekend, SO, let us see at 4 Oclock
print……..at 1158………….dove tails in the wind…………
u turn, for j walking……………..
PLATINUM UP ……..$975…..up $90 in one week…….looking good.
So Mr Doc the guy that has called golds trend better than anyone else on the planet (your words posted this weekend) and to be the chart expert here, show me a silver chart that shows silver has finally broken out from its bear market trend line in place since 2011…if my following charts are incorrect I will gladly bugger off, no problem!!..show me your confirmed silver chart break out
http://stockcharts.com/h-sc/ui?s=$SILVER&p=D&yr=5&mn=6&dy=0&id=p71273996724&a=426921707&listNum=1
Original, have I said silver is ready to go a lot higher—-absolutely not—we’re in a bottoming pattern that will be with us for awhile. I guess I don’t understand your point to show you a chart where it’s breaking out. It isn’t currently breaking out—we have another short term rally until proved differently.
BINGO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
That coming for THE chart guy on the planet Mr Doc….It isn’t currently breaking out—we have another short term rally until proved differently.
Well done Doc you really do know how to read my charts, my charts because you didn’t post your silver chart.
Think I will get an apology from Gary or Matt, no way! these guys are very dangerous to follow
Original, I appreciate your charts since you come into it with technicals that are additive to what I watch. Everyone is getting excited again but we don’t have a new bull until it proves itself and it hasn’t yet. I’ll get excited when I start to see some of my technicals turn and resistances begin to be taken out—like some of your downtrend lines and triangles, etc.
AGREE 100% Doc as my excitement grows with key resistance levels being left behind with closes on the daily and weekly charts.
JJ, the action around that line proves its importance; each plunge from it happened for a reason. The action so far this week supports my case and the action straight ahead will tell the tale. If silver closes even one week below my line I’ll say you were right.
http://schrts.co/nd643G
Btw, you’re putting words in my mouth
…I’ve not said a breakout is confirmed.
The general market will get pumped in the coming strong period and that can’t be good for gold.
Good comment.
So isn’t this an opportunity to jump aboard the conventional markets – could this be the start of the run-up to Christmas?
The last quarter of the year is historically a good quarter for the conventional markets.
Yup, and the start of the year is generally a great time to play metals. But we have gone several years now with false breakouts that never had carry through and resulted in a renewal of the gold bull. I will be watching this coming year with interest to see if it is the last of the false moves or whether we will see a continuation of the bear. Even with all the charts I read I cannot say with certainty that this year is going to be THE year to end the precious metals price declines. And if we DON’T break out this time then we had all best start visiting Harry Dents site and wondering if the guy is not correct after all.
Remember when the experts were all telling us the all in sustaining costs (AISC) of silver mine production were 23 dollars per ounce if not more? And yet silver has since crashed all the way down to 14 bucks and almost nobody has gone broke. Not only that, production levels soared!
That just goes to prove we all need to think very carefully when some guru makes an outlandish claim when in fact they are quite poorly informed of the facts.
Anyway…..good work Doc. I really appreciate your steady hand and cautious approach above the comments from almost everyone else I listen too. It just shows me that you have a disciplined, common sense approach that is not going to be derailed by every rumour or assumption that gets thrown at us daily.
I think declineding cost of production is keeping them alive. Thats the deflation aspect we are living but steak is sure the hell not going down!
Conventionals seem to be taking off now – the minutes are being digested. The HFTs are back from lunch.
They will try and drive the market up to at 2100 for this year if not more. Everyone wants nice bonuses for the end of the year. Earnings forecasts have come down so much that earnings will look good when they come out.
Doc, XOP etf has risen 28% from the recent bottom less than 2 weeks ago. Does that mean this is a new bull market in oil stocks?
Paul, I don’t believe it is—like a lot of moves recently a rally was in the offing in an oversold move down. There’s a number of technicals I won’t get into here. However, having said that XOP has a good chance to move to about 45 before it establishes some pretty good resistance. At that point, if it doesn’t take out that resistance, you’ll start to see a move back down. Hope that helps.
I suppose it would have to hold above the 200 day at 45.29 for several weeks with the 50 day crossing the 200 day to set up the next bull market.
Gary is WRONG
Doc is right
This market has been dead so long it will stay dead for quite awhile.
Stocks are the safe haven fundamental play
I know people don’t want to hear this but the truth sometimes hurts
It’s over for gold and silver
If I’m not mistaken, Gary is long GDX, and Doc is short GLD.
And GDX is (way) up, and GLD is (a bit) up, too.
So looks to me like, over the last 2 weeks anyways, that Gary is right, and Doc is wrong. In this short term.
Um, please let me re-phrase.
Gary is making money (lots), and Doc is loosing money (a bit).
“Losing”…..not loosing.
Sorry Bill, its a pet peeve. No offense intended brother. 🙂
Here is another one that gets on my nerves. You did not say it but others have. Eminent versus imminent.
http://www.diffen.com/difference/Eminent_vs_Imminent
Got me there! I’m a Math guy – always sucked at spelling – thanks for correcting. 😉
I hear you. I was an arts guy…..got kicked out of math class and went in to accounting as a career. Go figure eh!!!!
Does that make you an …..artful accountant.
Gold is falling into the close and I don’t like that action—hopefully, it’ll reverse for those that long for gold to begin its’ long awaited rise.
Doc look at that key resistance level on the $GDM chart 444 touched today and is rolling over, repeating Aug high action?
A thing of beauty—tomorrow will be a very important day for the PMs. Also on GDM, look at the MACD which is still positive on the daily but the 12 and 26 day MAs are considerably apart just begging a quick move by the 12 day MA toward the 26 day MA which will result in a swift move down for $GDM. Also note that if we close here today that we’ve had 5 days of closes higher which odds tell you that we’re due for a close lower tomorrow or soon. I might add that the histograms on the MACD are now moving laterally. Also the strength indicator (ADX) hasn’t shown a lot of affinity for this move and is now moving laterally with the advance directional line DI+ starting to roll over. Slow stochastics are currently over bought. Tomorrow should be telling on whether this pricing chart has further to run or not. Gold is very heavy here as are a lot of the PM stocks.
Doc –
I tend to be a bit with you AND Gary . . . frankly I am enjoying these sidways up and down cycles in the PMs because my fear of crashing is lower, and these (so far) are proving to be tradable cycles (ala Gary).
I like to use the TSI indicator for my entry/exits because it tends to be an earlier momuntum indicator – at least it seems that way with these ups and downs.
Phil, it’s a great time to pick your spots and make a few coins with these kind of markets. I’ll have to follow the TSI indicator more and see if I like it —thanks for the tip.
Whew Doc! That last post of yours made my head swim. But I agree, gold is going down (my simpler easy to read version).
As an aside, WTI made a slightly higher high yesterday and is “right translated” as Gary likes to say. Like you I am in the camp that sees it going back down to retest the lows but do believe that will make a final bottom.
There will not be deeper lows into the 20’s or small 30’s anytime soon.
It is looking like we have already reverted to the markets of the previous QE years – conventionals up and precious metals going to go down.
DOW is up about 1,000 points in a month. Looks like people are piling back into the conventionals and that this will continue.
Bob, good observation—however, I believe the conventional markets like the commodities and PMs are on borrowed time now. In my view, Rick is correct about deflation. I believe we’ve just started a deflationary period of time and that EXTER’s reverse pyramid has not yet been satisfied through turmoil for the conventional markets. The emerging markets have corporate debt up to their necks and the developed countries haven’t resolved their debt issues either on a corporate, individual, and sovereign basis. An additional huge issue is the illiquidity across the globe that will not be resolved anytime soon. I feel that on the basis of the debt, illiquidity, and Exter’s pyramid the conventional markets are now about ready to go just as other recipients of the deflationary winds. Watch out for January—that will tell the tale of the tape. By the way, look for at the end of next week or soon there after to see volatility pick up again. How much is anyone’s guess.
Thanks Doc – I always appreciate your wisdom.
Excellent comment Doc. We could have a whole segment on Exters Pyramid and it would be highly instructive for anyone not familiar with the ideas he expressed. In fact, I would strongly recommend it since we are getting closer to d-day all the time. Maybe you would take it up on the show (And Al would be delighted naturally because gold is the anchor at the bottom of the pyramid!).
Here is an older article from FOFOA. I kind of liked it because of the following comments he made referring to derivatives and what is on Exter’s Pyramid:
“The farther away from the coconut you go in the pyramid the more derived and abstract the value of the asset and also the larger the market, because the paper market is puffed up with hot air, empty promises, Armani suits and horseshit”.
Well said!
Here is the full article:
Word of the Day: John Exter’s Inverted Pyramid of Assets — Les Jones and FOFOA
http://www.lesjones.com/2009/09/09/word-of-the-day-john-exters-inverted-pyramid-of-assets/
I THOUGHT YOU DID NOT LIKE …….GOLD…………have you changed your mind?
Frank, I have been in and out of gold for something like 45 years or more. Gold is never the problem….it is gold bugs I disdain.
I know, my fillings fell out some time ago……had to change to enamel, those dang gold bugs eat your gums………….
and Deutsche bank doesn’t matter…..?
Deutsche Bank could collapse any day and take everything with it with the quadrillion dollars of derivatives out there. Gold and silver will survive.
That is where the rubber meets the road. Just be sure when that bad day comes you own actual metal or real stock certificates and not GDX or GLD. The former are real claims on real assets….the latter are derivatives and fiction. Trading vehicles only.
A L….Well said.
BTW. The problem with too many people is, they believe what they own on paper..They own. Even the dollars in their pockets & bank accounts belong to the bankers that printed them…..Me I keep no more in the bank than I need to, just enough to pay the next months two standing orders. Why do so many people leave vast amounts of cash in their bank accounts , to feed the gambling habits of the bankers who make fortunes, & give back peanuts in return to said people.
good one TONY……..
Gold was interesting, sorry I missed it… run to $1151 on Fed minutes, then bam bam …
Return to the bottom of the triangle 1110-1120 ? lol
Fed minutes and gold action were not related at all. The move down was totally predictable and expected by anyone following the charts……And how would I know that?
Well because I predicted it based on the pattern in play. And I was spot on. In fact, as far as I can tell I was the ONLY one on this site other than Doc who saw that coming.
Meanwhile, Rick, Al, Gary et al all saw higher prices coming and sorry to say but all of them were dead wrong.
A L I was very uneasy about the rise in G&S as I said . But I believe the FED minutes just speeded up the correction down…..JMO.
S&P topped 2K. ECA up $4, BABA up $10, and RUSL up $5. I still have a short on the S&P just in case. NUGT is up about $10. Just saying. 🙂
Hey look, it appears nobody is worried about the debt defaults in the oil sector anymore! But CNBC and others said this was a real problem and was going to get much worse. The market is so emotional now a days.
The oil/gas sector definitely has cancer Doc. I just hope to pull some profits out before we get to terminal stage 5. At this rate I should be breaking even on ECA early next week. Gonna take a ISIS take over of Saudi Arabia in order for me to break even on UWTI any time soon.
Doc –
Here’s a good source for TSI info. John hasen’t posted for a while, but his work in presenting this is quite good:
http://www.thetsitrader.blogspot.com/p/6-buysell-techniques-using-true.html
Thanks a lot.
Discussing Deutsche Bank and Derivatives with Denver Dave
By Turd Ferguson | Thursday, October 8, 2015 at 2:55 pm
02:39
21:44
Money Metals
Download Podcast (Right Click + ‘Save As’)
With the news of the massive writedowns, losses and other issues at German banking giant, Deutsche Bank, I thought it best to ring up our pal Dave Kranzler in order to see what he makes of it all.
If you missed the story over the past 24 hours, here are two links from ZeroHedge that summarize things:
http://www.zerohedge.com/news/2015-10-07/first-crack-deutsche-bank-preannounces-massive-loss-may-cut-dividend
http://www.zerohedge.com/news/2015-10-08/day-after-deutsche-bank-admits-not-all-well-swiss-giant-credit-suisse-also-admits-it
Silver is getting capped by the downtrend that began in the middle of last year:
http://schrts.co/aklI2D
Here we have a break out of the Fibonacci fan lines:
http://schrts.co/iMVw1A
Seems the reaction off the fed minutes is buy US equities again and ditch the pm’s sector and we going to see money flows continue into equities and leave the miners behind again? I would have thought a Dovish minutes report would have had gold close above $1150 and silver $16 with higher miners, Fri and next week with be very interesting!! Anyone else think the action is odd, unless we are instantly going back to US equities and leave pm’s behind?
Good thoughts …JJ
Thank you Matthew-
Here is a very interesting video on high tech robots. Link was sent to me by my daughter studying Engineering Science at U of T.
Humans need not apply, except as oddities for the machines amusement. We are being put out to pasture and like the horse we don’t understand it. DT
I saw a pattern in the gold chart (when I turned off my overlays).
It looks like a sequential fractal pattern with diminishing time and range (delta) of price.
If I am crazy, please let me know, and I will seek professional help
http://stockcharts.com/h-sc/ui?s=$GOLD&p=D&b=5&g=0&id=p45461618190&a=401150835&listNum=1
Brian
If you mean you are seeing a bearish wedge forming then I would agree. No need for psychological counseling. January should be very kind to gold but I would sure not rule out another sharp decline before we get there. In fact, I fully expect it.
A_List
I understand the wedge-ish-ness of the pattern, but is it different (bullish) because it is a fractal? That is kind of my point .. and I realize we will all know in a couple days.
The most important point: I felt comfortable enough to post a crazy idea on KER.
Brian
There are no crazy ideas Brian. Economics is more art than science. I really appreciate comments like yours (above).
GOOD ONE BRIAN…………nothing is to crazy to post here…… especially when people think the FED is not crazy.
There are no crazy ideas from Brian, that’s for sure.
To be clear, Brian’s ideas are good ones.
Bearish wedge? Where?
Chart these facts onto those Fed dollars Comex charts:
Heck, this weekend alone, we learned that a whopping 66 tonnes of gold, or $2.4 billion, were withdrawn from the Shanghai gold exchange last week alone – putting China on pace to not just break, but shatter its all-time high gold consumption record. And this, compared to the paltry $185 million of “inventory” on the COMEX paper exchange that “sets” global prices.
Better yet, in one of the biggest bombshell announcements the MSM has ever ignored, Chinese President Xi Jinping, this weekend, confirmed what ….purported all along; i.e., Chinese gold reserves are likely far, far larger than reported.
To wit, in a statement that one would have to be ignorant, “prejudiced,” or otherwise severely “comprised” to see any other way than as being focused on gold, Jinping confirmed the practice of holding the PBOC’s reserve assets within multiple Chinese entities, in claiming “some assets in foreign exchanges were transferred from the central bank to domestic banks, enterprises, and individuals.”
An 8 year chart illustrating SGE physical withdrawals vs. Comex deliveries;
A 14 year Chinese gold production chart;
A total of 9 highly relevant gold charts and facts never to be on a Comex or stockchart US Fed fiat graph any time soon:
I have a snippet of an article that recently ran on ZeroHedge.
I would appreciate it if everyone here would read it and then afterwards follow up with the entire article. Here is the comment they recently made:
“The West cannot afford to stand by and watch Russia do in a matter of weeks what the US has failed to accomplish in 13 months. Put simply: if Moscow declares victory over ISIS within the next month or two (and that appears as likely as not), Washington will be left to explain to a bewildered public what just happened. To the uninitiated, it will appear as though Russia’s military is far superior to the US Army when it comes to fighting terror and on top of that, Iran’s now well publicized role will not only cast further doubt on the nuclear deal, but will also raise questions about the contention that Tehran is committed to financing and exporting terror.
For Russia, the power play in Syria represents nothing short of a return to the world stage after decades of flying below the radar as a second rate superpower. Putin has now proven that Moscow can project its influence with virtual impunity and as Monday’s “accidental” violation of Turkish airspace suggests, The Kremlin is getting more brave by the day in the face of what certainly looks like a de facto surrender by the West”.
—————————–
OK….so my question to you readers is this:
What the F**K is ZeroHedge promoting?
Are they really thinking that suggesting our public humiliation in war is a thing that will go unanswered? Are they trying to rally support for coalition forces to fight back and take center stage again? Whose side are they on anyway?
By openly and publicly cheering for Putin and the Russian war machine are they not by default pressing the West to take decisive actions against the military that is causing us so much shame?
Just how stupid are they in the ZH bunker.
If you want to inflame people then keep on talking up Moscows success and pointing out the failures of Washington. That should get all the idiots who read the ZH blog into the mood to launch nuclear tipped missiles at the enemy.
To repeat: How F***king stupid are they at Zerohedge?
And perhaps we should all be using our heads when we read the stuff they write.
Or do we all want a war? Is that it? Do we really want a full on WWIII?
Let us look at it this way………WHO APPOINTED THE USA the CHIEF ………?
PS: It is probably a good time for people here to decide once and for all which side they stand on. Are you for Russia? Are you against your own country? Are you in favour of war or peace?
Or maybe you are just one of the soft, malleable minds that gobbles up the propaganda from both sides and thinks this is all just a big video game. Sorry people….this is the real deal.
So take a position. If you are against a great war you had better speak up now.
And turn off that voice of idiotic opinion from the ZeroHedge morons!
Well. I served my country for 23 years. Officer U.S. Army. I agree with Ron Paul on this. We should never have been in a war in Iraq et Al. We have had a failed foreign policy for what 100 years? I agree with Zerohedge’s view.
I love it that Putin is the balance act for theses neocon assholes,
The (MIC) and the New World Order are real. You can see this as it plays out in Syria. All about oil and power.
If there was such a thing as Satan he would ride in to town wearing an America flag and carrying a bible.
Chris is the sane voice of reason on this Fiat Chart Pumpers for Profit Paradise.
100 years of carving up the globe for multinationals and elite dick heads and many still have no clue.
Many people think America is working for them. America is owned by the Globalists..
Once upon a time gold and silver were mechanisms to ensure the banksters were kept away from controlling the American people-and this globe. Telling when many here think it is a POS to be shorted and ridiculed so they can whack other investors who actually understand that they are the ones assisting in this perpetual global con.
“I spent thirty-three years and four months in active military service as a member of this country’s most agile military force, the Marine Corps. I served in all commissioned ranks from Second Lieutenant to Major-General. And during that period, I spent most of my time being a high class muscle-man for Big Business, for Wall Street and for the Bankers. In short, I was a racketeer, a gangster for capitalism.”
― U.S.M.C. Major General Smedley D. Butler
good reply MATT
ditto CHRIS …..ON THE OIL COMMENT
You don’t have to be for Russia to be against ISIS. As I have proved many times via facts, it is the policy of Israel to destabilize the Middle East and anyone who they see as a threat. Syria has not attacked the United States, is no threat to the United States and it is the US acting as Israel’s attack poodle that created ISIS and the refugee problem now swarming over Europe.
I would support anyone, including the US or Israel or Turkey or even Russia that would support stability and peace in the Middle East.
While there are those who will counsel continuity, Israel has the opportunity to make a clean break; it can forge a peace process and strategy based on an entirely new intellectual foundation, one that restores strategic initiative and provides the nation the room to engage every possible energy on rebuilding Zionism, the starting point of which must be economic reform.[1]
The introduction specifically proposes three new policies:
https://en.wikipedia.org/wiki/A_Clean_Break:_A_New_Strategy_for_Securing_the_Realm
Rather than pursuing a “comprehensive peace” with the entire Arab world, Israel should work jointly with Jordan and Turkey to “contain, destabilize, and roll-back” those entities that are threats to all three.
Oh SH*T…..Oil…..cover, cover, cover!!!!
Putin puts us to shame because we are shameful.
You make a good point.
The fascist of the 30/40s went back 10 years for decenters.
Might be wise to say nothing.
Putin does not put me to shame……..
exposes the truth, ……….and the truth shall set you free.
So Putin is setting you free.
ha, ha, ……….good one, NO MAN SETS ANYONE FREE.
Well…Maybe Assange,Snowden and Manning have helped a little bit too.
Did you read? the American government has promised Snowden not to torture him if he goes back for trial.
I can see Snowden jumping up and down for joy, “hooorrraaaay, they not gonna torture me” at least that’s what they say, and who couldn’t trust those guys?
If I was SNOWDEN I would ask for a PRESIDENTAL PARDON…….LIKE RICH got from CLINTON
Maybe he could break into Hillary’s computer, and Get her to agree to the pardon, if she gets elected.
On Oct. 8, China initiated the first phase of their own SWIFT type platform that will soon allow nations throughout the world to have an alternative to the dollar and its functionality as the singular reserve currency. Known as the Cross-border Interbank Payment System (CIPS), this first phase of becoming a fully global platform will aid China in the multitude of free trade agreements China has signed in recent months, and it will also help facilitate the buying and selling of oil and natural gas in Yuan through agreements signed earlier this year with Russia.
SWIFT is the Western version of China’s new CIPS platform, and was put into place at the same time the dollar become the global reserve petro-dollar in 1973. Fully spelled out as the Society for the Worldwide Interbank Financial Telecommunication (SWIFT), this communication exchange has reigned as the primary platform for global currency transfers between countries in in the sale of commodities such as oil, natural gas, gold, and food stuffs.
Should be bullish for Gold. ……. oh well !
In a week, the news on Swift, will not be noticed by all the TA guys, it is not in the charts…………………lol
LOL . Damn lagging indicator …!
ha,ha,ha……..good one……….early morning here,that is a wake up call…….
good point by the way………….SWIFT, AND YUAN moving up to 4th place in currency use.
Frank, it’s in the charts because powerful people “in the know” position themselves ahead of market moving news
the powerful people front run the charts…………
They can’t front run the charts. Their actions are part of the record just like yours or mine. They can’t buy millions of shares secretly but they can and do take steps to avoid being detected as they build their positions. I would too if my trades were big enough to matter to anyone (of course, in the juniors it doesn’t take much to be “big enough”).
Not good for the greenback …
“Rumors of a new Chinese SWIFT equivalent had been floating around for more than six months, but with the United States finalizing agreements for the Trans-Pacific Partnership (TPP) over the weekend, this direct competition to the reserve currency and to dollar hegemony in the global financial system will cut short many of the objectives Washington wanted to control through their new trade treaty. For example, of the 12 nations signed on for TPP, five of them currently have separate free trade agreements with China, and each will soon be using the Yuan, not the dollar, for a large portion of their direct trade.
Just as the Asian Infrastructure and Investment Bank (AIIB), the direct selling of oil in Yuan, and the formation of the Silk Road have bitten into America’s control over the world’s monetary system, so too will CIPS fulfill an even greater role in ending dollar hegemony and the use of a singular reserve currency in global trade. And with China signing new swap lines and bond trading agreements with nations almost monthly now, it will not be long until 40% or more of the world trades in Yuan instead of dollars, and the battle will be on for the world to choose either un-sanitized free trade, or Western led restricted ‘free trade”.
Larry Summers was right.
http://larrysummers.com/2015/04/17/aiib-we-have-lost-influence/
Western LEAD……will see about that…………lol
I hope y’all took note of my RGLD sale a couple days ago –
– and did the OPPOSITE ?
Really should turn all my portfolio over to a mutual fund manager;
at least I’d have some besides myself to blame for the bad moves.
♫ ♫ Bad Investment Blues ♫ ♫
https://www.youtube.com/watch?v=tFHaAVCkRMM
Eric is on it… nanexllc I wonder when that 73 contract Gold Futures spoofing algo ran this morning .
Doc:
You cover yet?
Gold is up the yen is down and the dollar is not looking good at all.
http://schrts.co/bd3ex0
Sell rallies (my opinion, not advice!)
I sold some oil, regrettably. Waiting to buy COP. Any idea whether it is a good buy? I am fussy on US oil companies. But I need to diversify out of Alberta.
It is overbought on the daily chart but has room to extend its run based on the weekly. I don’t like to buy such setups but it could run much higher before correcting. So, if I wanted a long term position, I would consider buying 20 percent (or even more -that’s up to you) here and then wait for a better entry. That, way, if it jumps above the 50 week MA/55 week EMA at $60 before consolidating above that level, you’ll have a position that’s in the money to take the sting out of buying the rest at a higher level.
http://schrts.co/zAX9UL
If you’re not very bullish oil right now, then just wait for a pullback. The daily chart will turn down hard if oil stalls.
The weekly:
http://schrts.co/ckEEQX
I have some of it already. I will wait for another two weeks. Then low season should be over by then. If Saudi is bombed, god knows what will happen.
I like this company based on its growth potential even it does have some shale exposure.
The chart is a better indicator of its quality than my opinion and it does look strong. I don’t know about you but I believe that oil won’t stay in the current area for long and will establish a higher range soon.
On the weekly chart UUP is about to close below the 50 week ma for the first time in 15 months (since 7/14):
http://schrts.co/RG8jJl
Wonder if Doc shorted more? Just being sarcastic, but my gosh, what a terrible call in hindsight, especially since he hadn’t shorted the entire 4 year bear market. A perfect contrarian signal unfortunately I guess on that particular call.
On October 8, 2015 at 6:18 pm,
A Listener says:
Declining cost help.
Ya mean Bob M is wrong! OMG We were in a bull market!
Well I was short and he said I would lose my shirt…That didn’t happen…
Just sold this last counter rally…
But the down trend in Loonies on the equities is broken for now…http://stockcharts.com/h-sc/ui?s=ZJG.TO&p=D&yr=2&mn=0&dy=0&id=p82432121788&listNum=1&a=426624018
Have fun on the golf course…….Al&C