Friday, October 8, 2010
UPDATE
There's now a small 1 min positive divergence in the DIA at the 2:02 lows. 11,000 is certainly an area of resistance/support that will probably see this battle on for a bit. I'll let you know if anything changes. The 5 neg. min divergence is still leading and still heading down.
9 comments:
Brandt,
Has there been a day when the 5minute 3C aren't negative? Never seems to follow through to market action though?
Like this one you posted 3 days ago:
http://1.bp.blogspot.com/_gGhyx-JKKA8/TKuDKOKnDbI/AAAAAAAAGvs/X0QongCiWa4/s1600/SPY+3c+5m.png
So, doesn't really mean anything reality wise does it?
And 3C said the Silver chart was looking 'ugly' when it was just below $20 an ounce:
"The U.S. Mint still hasn't been able to keep up with the soaring demand for the American Platinum Eagle bullion coins. Over the summer, the Mint announced it would produce 10,000 American Platinum Eagles. When the Platinum Eagles were released in late August, they sold out in less than a week."
http://www.wealthdaily.com/articles/us-mint-raises-premium-on-american-silver-eagles/2753
Think about this. how easy was it for them to take the wind out of the precious metal market yesterday?
john9o9,
Yeah, it got knocked down one day on a near 45 degree run for over a month.
There is real demand there, unlike with equities, the mints around the world are running out and precious metals aren't something you can print more of.
Of course, it will be a bubble like anything else. Point is, 3C's ability to call a reversal in precious metals is terrible. So enough of these 'Is this it for gold' posts, etc.
And those shorts that JPM, HSBC have had on precious metals, well, they've been on for years and the prize has still gone up 5 fold... they are there for suppression only, they are naked shorts. JPM, HSBC don't even have the metals to back up the cover the shorts.
Keep buying gold Mr. Pink if you feel that way. Gold 2 da moon!
Alesund,
No, just up over 10% since WOW said "Is this it for gold?".
Brandt,
May i ask how your 'high roller' is holding up today? Have you managed to convince him to keep his shorts open as the DOW goes up another 70 points?
*****(So much for all the news that the market will EVENTUALLY go DOWN?!)***********
Anonymous,
But didn't you see this chart from 3 days ago?
http://1.bp.blogspot.com/_gGhyx-JKKA8/TKuDKOKnDbI/AAAAAAAAGvs/X0QongCiWa4/s1600/SPY+3c+5m.png
Seriously.
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