1565 replies to this topic

[Smithy]

Saturday review  6/2  gold $1290

 

I find myself clutching at bullish straws. Yes gold shares are trending up nicely over a matter of weeks but there are not many bullish indications short term. The gold comms have added to their short position making their stance less bullish. The on balance volume of gold futures has dropped over the last week when gold rose, a classic bearish signal. The $BPGDM is pulling downwards as well.

 

In the bulls favor, Hadik issued a freebie yesterday calling for gold to make a 3-5 day rally. At Friday's close SIL diverged upwards against SIL, making for a bullish straw. So while gold should start its upward journey some time from now I'm expecting more weakness short term. It is possible dharma's call for a low on Fed day June 12th may pan out.

 

I'm very bullish on SPX, especially over 2740, we might get a good run. Currently 2732.

 

Comments welcome.

Edited by Smithy, 02 June 2018 - 09:54 AM.

[dharma]

smithy can you post the link to hadik!

thanks 

dharma

agree the cot  was not bullish, but its so short term.  especially by friday, its outdated

[gannman]

all i can say  is at this point it looks like gdxj should bottom here

 

but how many times have we seen this movie

 

so like every one else i am looking for a catalyst that starts with a really strong 2 day rally

 

in the sector lets say 10% . until then it is more of the same 

[gannman]

and here is some timing i have been looking at 

 

the sector topped early august 2016 and bottomed in what i believe is an A wave dec 21 2016 for 4.5 months

 

then we did a B wave into early sep 2017 for 8.5 months from the dec low . add the A wave and the B wave together and 

 

you get a fib 13 months for the A and the B wave. now we are approaching 9 months for the C wave 

 

which started early sep 2017 . 9 month time periods are significant in the market so will  we get a turn

 

in early june 2018 . honestly i dont have a clue but the timing is there fwiw

Edited by gannman, 03 June 2018 - 04:22 PM.

[Smithy]

Freebie came by email on Friday - this is all

 

[K Wave]

tryin' to push thru 16.50 on Silver again...

 

Beach ball getting harder to hold underwater??

[K Wave]

Platinum just needs one more push over 910 to start possible eruption....let's see if bulls can do it here over next hour or 2...

[K Wave]

little ABC down off the 910 resistance on Platinum...now we see very soon if bulls have any MoJo....

[gannman]

fnv is putting in an important bottom here imo fwiw

[K Wave]

still no sign of any fire in bulls bellies...