475 replies to this topic

[dougie]

exited all longs at GDX 23.16, nice gain, will watch for now, no real interest in short side as IMO worst case is another near term decline and more sideways action at a higher level, could just be a gap fill but one can always re-enter
 
Senor

Smart trading imo.
Today's action looks ugly

[Russ]

some weakness but still above the top line breakout on many charts,  Late oct should still be a big high. 

[gismeu]

Gismeu, your gold calls have been good. Can you post for SPX as well... ?

 

Hi Smithy,

 

am renovating our house and that will take another week or two, so have not much time,

but what I can say re SPX is this:

This past week was the on-time bottom in the weekly cycle. Unless the bottom comes in one week late,

which I doubt, the bottom should be in.

Price is saying bullish above 2421 to 2423, bearish below.

 

Hope this helps and not trading advice, gis

[Smithy]

Thanks. Gis, I appreciate your goodwill. Good luck with the renovations.

[dharma]

the large specs added significantly to their long positions

the commercials took the other side of that trade in a big way adding short positions

it looks to me like gold is spinning its wheels a bit to take out 1300 , we got there but then corrected

which is where i believe we are now, in correction mode.  i will add on more weakness.  down to 1260 area

i feel there is one more decline , famous last words, before we take out 1300   the fundamental backdrop is quite strong here

going into indian buying season.  seasonally the strong time of year.  

dharma

Edited by dharma, 20 August 2017 - 10:51 AM.

[Smithy]

I have a minor sell in my trading systems for both gold and silver COT. In other words the commie shorts have risen too quickly in the last 2-3 weeks. It is relative, not absolute. On an absolute basis they are middling -- they got there too fast.

[johngeorge]

Fib still has a buy signal on his weekly gold BPI chart.  Of course that can be negated any time this week.  I do check it every week though.  Have been for some years now.  Thanks Fib for generously sharing your work. 

[dougie]

JG you staying long here?

[dougie]

Yen: dollar has tracked miners pretty darn well over the years.

Cant say the chart is ST bullish here

[dougie]

 

Seems to me that volume is MIGHTY anemic for a wave 3. Who has a good bearsish count here?