202 replies to this topic

[dharma]

Nice miner action so far, if we can take out yesterdays highs IMO it would be near term bullish. Keep in mind that the HUI/Gold ratio remains deeply oversold and near recent new several years lows. we see

Senor

i do think this rally continues till @least months end
thursday is another bradley, the last one wasnt too kind to gold
the broad market is out on the ledge . and fischer sticks his giant foot in his mouth http://www.marketwat...=MW_latest_news it would be a surprise if the fed raised rates!
meanwhile china is bent on being a center for the gold market http://www.graceland...14oct14sge1.pdf
then you have india in a place where they could lower their rates http://www.graceland...4inflation1.png
dharma
miners moving in lockstep w/the broad market is worrisome. we are still in crash season!

Edited by dharma, 14 October 2014 - 09:52 AM.

[senorBS]

The GDX 21.60-22.10 area and GDXJ 33.70-34.40 looks to be important resistance, it "seems" to me the market is setting the stage for a move thru and above there but given the wave patterns so far this is not a high confidence outlook. A bad failure here likely leads to new lows. BSing away Senor

[dougie]

the action may be nice but it doesnt ring any bells as a strong impulse up does it? Surely not a 3

Nice miner action so far, if we can take out yesterdays highs IMO it would be near term bullish. Keep in mind that the HUI/Gold ratio remains deeply oversold and near recent new several years lows. we see

Senor

[dougie]

but if reent highs give way maybe we see something bullish till then, this is all corrective

[dharma]

of course when things are going down everyone is bearish. 1241 was resistance and the market went through it like a knife through butter. the miners seems to be weighted down by the broad averages. which will be either making a temporary low or the bottom soon. as in weimar stocks went up as they are real asset, until the inflation got so bad. i am not in the hyperinflation camp.. how do you suppose the fed will act if asset prices continue to be under pressure? the economy is in a precarious position. the eu is falling apart @the seams . w/the socialist regime in france. italy is under duress as is spain, portugal, and greece. the banksters have no special allegiance. except to making money. in the last bull run in gold , the banksters were the big winners. i suspect the same will happen again. they run comex. those who have the gold make the rules. in the good,the bad, and the ugly. it was those who have the guns make the rules, and those who dont dig. dharma

[senorBS]

The GDX 21.60-22.10 area and GDXJ 33.70-34.40 looks to be important resistance, it "seems" to me the market is setting the stage for a move thru and above there but given the wave patterns so far this is not a high confidence outlook. A bad failure here likely leads to new lows.

BSing away

Senor

Are you hombres noticing now they keep knocking the miners back from this resistance area? If this happened a few weeks ago we would have been at new decline lows by now, however the "knock backs" so far are rather mild and temporary, IMO there is a good chance we are setting the stage for prices to blow thru this area and ramp higher, but keep in mind this is just an old codgers opinion.

PureBS

Senor

[goldfungus]

The GDX 21.60-22.10 area and GDXJ 33.70-34.40 looks to be important resistance, it "seems" to me the market is setting the stage for a move thru and above there but given the wave patterns so far this is not a high confidence outlook. A bad failure here likely leads to new lows.

BSing away

Senor

Are you hombres noticing now they keep knocking the miners back from this resistance area? If this happened a few weeks ago we would have been at new decline lows by now, however the "knock backs" so far are rather mild and temporary, IMO there is a good chance we are setting the stage for prices to blow thru this area and ramp higher, but keep in mind this is just an old codgers opinion.

PureBS

Senor

Yep. Just waiting for the idea of a 'bank' to morph from a place where they keep dollars to a place where they dig up real money. I can wait. I'm patient.

[dharma]

the 08 lows occurred in the braods due to qe. it produced liquidity, not that biz conditions were vastly imporved. now qe is set to come off the table. does the fed blink? is there a new qe in the wings? is there gold revaluation. yes, i know we are not on a gold standard, just saying just when the posts around here were all pointing @1k , a rally is occurring. maybe nothing more than that. dow -334 . when do they blink? do the 08 lows on the broads come into play? you know something is going to give. watch gold any hint of qe and it may start gaining momo. as i said way back when , the fed is stuck in hotel california. they can never leave the market. if they do. hello 08 lows in the broads. stay tuned the game is getting interesting dharma

[dharma]

the price of oil is being pressed. it is oversold out to monthly charts, w/no bottom in sight. miners are stocks. they dont look good @ this point. especially the large caps. not a high confidence bottom @ this point keeping my hands in my pockets this from the fed "The Federal Reserve must prepare investors for an earlier interest-rate rise than many now think, a hawkish U.S. central banker said in a speech on Thursday that did not specifically acknowledge the turmoil that has recently gripped financial markets. Charles Plosser, head of the Philadelphia Fed, said rates may begin to rise "sooner than previously anticipated" - CNBC News, oct 16, 2014. fed is trapped. if the broad market continues to slide it will effect tax receipts. they can check out but they can never leave! dharma

[dharma]

non voting fed members trying to get a foot in the door , or are trying to influence the voting members yesterday was the bradley, it took hold today. we see what kind of bottom the broad market put in, sure seems like someone wanted in in a hurry. volatility is now waking everyone up. i have the rally phase into november 2-5 , then we see if we have more consolidation, or what takes shape. one step @a time w/the broads getting slammed, miners look like crap. watching dharma