Thursday, July 24, 2014

CHART OF THE DAY


10 comments:

  1. Gary, if you look at the $CRB:$SPX ratio chart the turn maybe in process already as it bottomed early Jan at .148 and the indicators turned positive again last week at .1493

    Any ratio chart of $Gold:$SPX or GLD, GDX, GDXJ, HUI they are a different read as their indicators are turning negative and the trend line lows of late Dec and June are a lot lower.

    Both Gold and Silver hit their 200dma on the daily chart Thurs, that's now the key level for Bulls and Bears $1287 and $20.34..........jj

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  2. Surely they will 'fix' the US GDP figures out next Wednesday(?) to be very positive and the conventional markets will simply surge upwards as a result?

    Or is that a simple view of it?

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  3. Bob, ALL global government data is 100% Bull !!

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    Replies
    1. Yes, we know that... but my point was that such data usually is an excuse for the markets to rally hard isn't it?

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  4. I dobt the S&P will be able to get through 2000 without at least a multi week consolidation or a full on intermediate cycle correction.

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  5. Gary, your 1292 level in gold seems to be holding for now. Do you think the gold pull back is over?

    Josh

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    1. I think we will know by next Wed. when the GDP and FOMC are announced.

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    2. Thanks for the answer. I hope the knee is healing fast!
      Josh

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  6. This last year since the announcement of the QE taper almost every FOMC date has produced a Bear or Bull trap knee jerk reaction....Fri close and the following Mon action will be a better indicator, I'd rather have confirmation of a new uptrend in place or not ....than bottom fishing...........jj

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  7. Interesting Gary watching the action into the close, Gold has had a decent bounce off $1287 200dma up nearly $20 yet the miners who are to lead the bullish charge are not setting off any fireworks, GDX up only 2.09% GDM 1.80% HUI 1.8% and the leader of the pack for 2014 GDXJ up 3 %.....Next Thurs close for July and the weekly on Fri is going to be very interesting indeed!.............jj

    I think that red arrow you have on the CRB chart going to da moon at 1650 is a bit rich..................................just kidding, I know your showing the possible trend outcome.

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