Market Wrap with Mr. T
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That depends on whether the broader market/commodities hold up or not. I’ve mentioned before that silver’s supply and demand fundamentals as a commodity are far better than gold’s right now; but that makes silver dependent on continued global economic growth and modestly rising inflation. IMO it may not do as well in a crisis/crash, though gold would.
This is one reason America is dying:
http://journal-neo.org/2016/06/28/obama-is-sticking-a-fork-in-america-we-really-could-be-done/
It is sad that after centuries of free market capitalism proving itself to be the best system, we now have a presidential choice between a socialist and a tariff-loving Hoover-like businessman.
If Silver closes the month/quarter tomorrow by $.15, the 6×24 MMA will be positive for the 1st time since 2013 and will confirm golds 6×24 MMA crossover last month, my most important technical indicator.
It will be very interesting how things close up for the month/quarter tomorrow.
Exciting times!
HI Matthew…What do your charts say about silver ?
Hi Tony,
Silver looks great against the dollar for the short, medium, and long term and looks almost as strong even when priced in gold. In fact, silver:gold just put in its highest daily close since October 7…
Priced in dollars, silver just closed at its highest level in almost two years (Sept. 2014)…
For those who can view a monthly chart, it looks superb…
That chart, with the 20/50/200 month MAs, is the mainstream version but the following one is even better…
The bear market is over but I’d like silver to close above the 144 month EMA tomorrow.
We need a close above the fork resistance shown on the following chart (at 18.50 tomorrow but it doesn’t have to happen tomorrow)…
Matthew – You made me laugh with the 20/50/200 being the “mainstream version”….. but it is true. Now don’t go getting too mainstream on us man. 😉
I use the 20/50/200 Simple and Exponential because everyone else does and many computer programs and charting programs are keyed off of them. In a sense they are hard to ignore or discount due to their popularity with the masses. Often resistance or support levels based on them are fairly critical levels, and when they cross (Golden or Death) it usually marks a significant trend change.
However, I do agree in the universality of mathematics and geometery and Fib patterns and the 34, 89, 144 EMAs are of great use. I also like the 400 day/week and the 30 week. I’ve even used the 33 day or week before if a stock looks like it is interacting well with it.
I find that the larger and more liquid a stock is, that it tends to conform to the mainstream MAs and EMAs, but there are unique stocks or ETFs or asset classes or currencies, that often will respond better to some of the more obscure MAs and EMAs. When the 50 and 200 aren’t lining up, then I look for what has consistently and may choose to analyze that investment through that lens.
Cheers!
Ftse closed higher than last Thursday and S&P should catch up soon to hit 2100.
I think the elite are getting impatient and feeling poor so more QE and lower interest rates could be coming in Europe as the US can’t turn around just yet and lower rates as the Fed has to save face. They can’t use the Brexit excuse yet as the markets are doing well again.
I was shocked by today. Looks like the printing presses are back on in force so this could go on for most of July.
Silvers grade is an F
has been for quite some time.
It is one of the worst investments of all time.
That said, at present, today’s move was good and needful.
If it can give us another 50 cents it could be $27 without too much resistance.
If you want to get into silver bows the time.
If people run it up, get out and don’t touch it again
It gets an A+ from me. Volatility equals opportunity.
Sorry, JTL, I purchased 4 figure ASEagles in in the early 2000s for less than $6 including premium. I’ll take my chances with a bird in hand is worth all more than in the bush!
Close Update: U.S. Stocks Rally Into Close as Oil Price Gains Outweigh Brexit Worries
04:26 PM EDT, 06/29/2016 (MT Newswires) — A jump in oil prices drove the main U.S. stock indexes higher for a second straight day on Wednesday as investors overlooked the uncertainty around how the U.K.’s departure from the European Union will unfold.
The Dow Jones Industrial Average posted another day of triple-digit gains while the S&P 500 was within about 42 points of the level it closed at on June 23, the day of the Brexit referendum.
U.S. crude neared $50 a barrel and Brent, the main international variety, nudged over that threshold after data showed that stockpiles held in the U.S. contracted by more than expected last week, with inventories down 4.1 million barrels to 526.6 million, according to the Energy Information Administration. This was a slightly bigger decline than the 3.9 million-barrel fall projected by the American Petroleum Institute on Tuesday.
All 10 of the S&P 500 sectors rose by the closing bell, with financials up 2.3% and energy gaining 2%. Nearly all of the Dow components strengthened, with only Home Depot (HD) losing ground.
The U.K. has yet to invoke Article 50 of the EU’s treaty, the first step in the withdrawal process that was kicked off by last week’s referendum. EU leaders in Brussels on Wednesday pushed for the declaration to be made as quickly as possible, but Britain’s Prime Minister David Cameron, who has announced his resignation, says his successor will be the one to launch the exit negotiations.
On Thursday, U.S. economic data includes initial weekly jobless claims at 8:30 a.m. ET and the June Chicago purchasing managers’ index at 9:45 a.m., while St. Louis Federal Reserve President James Bullard speaks to economists at 2 p.m.
Here’s where the markets stood by the close:
US MARKETS
Dow Jones Industrial Average rose 284.96 points (+1.64%)
S&P 500 rose 34.68 points (+1.7%)
Nasdaq Composite rose 87.38 points (+1.86%)
GLOBAL SENTIMENT
FTSE 100 was up 3.58%
Nikkei 225 was up 1.59%
Hang Seng Index was up 1.31%
Shanghai China Composite Index was up 0.65%
As Al knows I don’t get involved too much in these debates, doesn’t make any difference to me, I don’t make any money from my opinion, but I’m just feeling Silver is about to explode, I can smell it, I don’t know why but I can, just saying
I’m getting the same feeling, Nigel. I can’t remember the last time it has looked this good.
Check out the 400 Week MA on this slight tweak to your chart. It seems like that could be a resistance point. (Currently at $19.41)
http://stockcharts.com/h-sc/ui?s=%24SILVER&p=W&yr=3&mn=0&dy=0&id=p56086504646
I think we’ll see some resistance at the 600 week simple MA which is currently 18.74…
explode as in a huge up move
Silver is currently above the 2013 crash low:
Today, Peter Schiff said:
Silver Confirms Gold’s Breakout
Last Friday:
On June 24, 2016 at 2:58 pm,
Matthew says:
Silver was capped by the 600 week EMA and didn’t quite make a new high weekly close but I think it will confirm gold next week.
Teresa May, who will be the next Prime Minister of the UK, is not a strong female like Margaret Thatcher.
She will pre-occupied with keeping the UK from splitting 3 parts as much as negotiating a withdrawal from the EU.
This does not look good for the UK.
It is even possible that she will succumb to calls not to leave the EU.
None so blind as those that give a blind eye to banks.
https://smaulgld.com/jp-morgan-cleared-silver-manipulation-case/
From the price action in silver compared with gold over the last few days it appears to me that we are about to observe a phase change in Bullion Bank behavior due to proximity of a run-out of physical silver.
Rather than run out of physical metal, which would provoke a settlement in cash, and an immediate large rise in silver prices, the COMEX is preferring to remain in operation and cope with an increase in the Rate of Rise in silver prices.
Mr Temple…Whats your opinion on silver, do you see a steady rise, or a crash ?