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Further to my post of January 5, the following provides an update on price action as of today’s (Thursday’s) close.
The following monthly chart shows the SPX, GOLD and OIL in comparison format, as well as their respective high, low and today’s closing price for January, so far.
The instrument currently facing the “path of least resistance” is the SPX. It shot through prior near-term resistance (now support) of 3233 and continues to rally.
(more…)After I dumped my GLD calls this morning, I started to wonder who my next victim would be. My eyes landed on the Metals & Mining ETF, symbol XME, whose long-term chart sports a series of lovely reversals.
Being a precious metals bull myself, I have been of course quite pleased as the bold ascent of GLD over the past few weeks. Most of my reasoning is the belief that the world is slowly going to wake up to the diseased, psychotic madness that the central bankers of the world have foisted upon us, and gold will be one of the very few sensible safe havens.
At the dawn of what is going to be a hyper-interesting year in the markets and in society, let’s see what the lovable and goofy Amigos have to say. As usual, we’ll use gold and silver daily charts and a copper daily along with a longer-term view with a weekly chart for the Economic Ph.D. metal.
The charts are the metals futures (click ’em for a larger, clear view), live when I clipped them a little while ago. The caveat with the metals as with macro markets in general is that it is still Santa silly season and so the signals are suspect to whatever degree you put weight on that.
(more…)It’s a it odd for me to be so persistently bullish about anything, but I continue to cheer the ascent of precious metals (and, more specifically, their miners, where I am super-long). Here is the futures market for gold over the past few days:
