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Precious metals were the hottest thing on the planet until early this year. Since then, they have fallen well out of favor, and I think it’s just going to get worse. Gold, shown below by way of GLD, seems poised to crack below a huge right triangle pattern.
I’d stand before God almighty and declare two things with absolute certainty: (1) there is no greater chartist than me; (2) it is doubtful there has ever been a worse trader.
OK, maybe the second is a bit rough, but today looks like today could be sensational, and I am INSANELY lightly positioned. It’s a damned travesty. One of my accounts is 103% committed, but that’s about the best I can offer. Another one is all cash. Good God, Tim!
Anyway, the market was already weak, but we just got the jobs report……..
Thumbing through charts on Thursday evening, I was once again struck by the awesomeness of the Bitcoin top. This sucker could be headed for almost total destruction.
