lots of short in DUST blown out today
might makrk a st high
bottom fishing
Started by
dharma
, Jan 06 2014 10:35 AM
173 replies to this topic
#82
dougie
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Posted 17 January 2014 - 02:39 PM
http://scharts.co/1awMcmP
http://scharts.co/1awsiby
NUGT has a nice breakout pattern here
Nice chart! I try to chart the underlying index ($GDM) as the leveraged funds can over-under shoot support and resistance levels.
stubaby
#83
dougie
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#85
JGUITARSLIM
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Posted 21 January 2014 - 10:14 AM
Bueno action in miners this am.
Bulls are suffering from PTSD.
Lotta confusion & fear of more declines.
Still early, but we may be starting that climb of the wall...???
Edited by JGUITARSLIM, 21 January 2014 - 10:14 AM.
#86
dharma
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Posted 21 January 2014 - 11:11 AM
we are climbing a wall of worry. as i see it there are many calling for new lows, including some prominent banksters-ubs, gs . and prominent technicians calling for new lows. so far the gdxj is the best performing sector in the market. sure the double bottom can break, lets see if it actually does. lots of talk. sentiment is still quite heavy.
today, pakistan,suspended buying in gold, joining india. the long arm of the banksters. dont expect the chinese banksters to be a standout. in april they showed their colors by not allowing money to reach their gold dealers.
this pullback was anticipated , what is not anticipated is 1-new lows dead ahead 2 the lows hold and we have a more substantial rally. i am leaning towards the latter as it appears to be a 5 up off the lows. the miners are @nose bleed levels on the oscillators. so, @the least a pullback is in order
dharma
#87
johngeorge
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Posted 21 January 2014 - 12:24 PM
" the miners are @nose bleed levels on the oscillators. so, @the least a pullback is in order"
dharma
I agree with you by just looking at my above daily GDX pinned chart. In the past 6 months a reading above 70 on the rsi 9 shows it provides formidable resistance.
dharma
I agree with you by just looking at my above daily GDX pinned chart. In the past 6 months a reading above 70 on the rsi 9 shows it provides formidable resistance.
Edited by johngeorge, 21 January 2014 - 12:26 PM.
Peace
johngeorge
johngeorge
#88
dougie
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Posted 21 January 2014 - 12:32 PM
unless this time it is differnt and they just dont let stragglers in?
" the miners are @nose bleed levels on the oscillators. so, @the least a pullback is in order"
dharma
I agree with you by just looking at my above daily GDX pinned chart. In the past 6 months a reading above 70 on the rsi 9 shows it provides formidable resistance.
#89
stubaby
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Posted 21 January 2014 - 01:36 PM
unless this time it is differnt and they just dont let stragglers in?
" the miners are @nose bleed levels on the oscillators. so, @the least a pullback is in order"
dharma
I agree with you by just looking at my above daily GDX pinned chart. In the past 6 months a reading above 70 on the rsi 9 shows it provides formidable resistance.
#90
dharma
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Posted 22 January 2014 - 11:44 AM
yesterday i read armstrong using mathematics , low interest rates, and carry costs etc. he comes up w/gold actually hit an 1151 low , which satisfies his lowest # for a possible bottom. all bases covered . check
in the short term the pattern and action favors the bulls . is this conclusive. well nothing has been taken out to the upside. the august downtrend line is still in tact. yesterday, the oscillators on the miners, who are leading the rally hit overbought levels. so there is enthusiam and value there. but so far i see chasing, which over the last couple of years, has resulted in tears. now sentiment is still quite bullish, supporting the market. next week is the fomc. how will another taper affect the market, should it occur??? i am long term bullish, but right here. there is little to hang my hat on . w/the largest buyer india out of the market, its tough to present a fundamental long term support argument. yesterday, the banksters managed to get pakistan also to put a 1month ban on gold buying . the long arm of these guys is impressive. the 1st 5 months of this year have many possibilities for a bottom and final low.
it is possible that the buillion makes new lows while the miners do not. gold was down like 35% while the miners have @least doubled that. so, it is conceivable the miners have bottomed and the metal has not. i am hopeful, but realistic. here. when gold went into its run in 79 the banksters were big time long. by the time gold topped jan 21st
of 80 they and the exchange members were short and changed the rules on silver ie no buying of futures contracts allowed.
dharma
