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Yeah, OK, I’ve had enough of “precious” metals. I had, for a while, joined the kook train, thinking that “real” money would be smart insurance for central banker lunacy. Well, folks, the central bankers have won, and gold has been suck-tack-ular for years now. Mercifully, I dumped almost all my bullion a few weeks ago when I was still able to clear a tiny profit. I thought we might have a little bounce, but this thing isn’t getting up off the mat. And God help the miners!
Yesterday was a an unexpected trend day. Usually trend days arrive on Stan’s cycle trend days but not always and yesterday was one of those exceptions. The double bottom targets that I gave on Monday morning for ES, NQ & TF have now all been made, and obviously this move is developing faster than I was expecting. This increases the odds of making the next significant high in mid to late December rather than January.
The trend day yesterday clarified the pattern setup here nicely on NQ & TF. Less so on ES, but that too is likely setting up for some retracement here. The obvious target would be rising support, currently in the 2218 area. ES Dec 60min chart:
I’ve encountered many different people in the nearly dozen years I’ve been doing this blog, and one I remember well is a chap named Hector who reached out in the late stages of the financial crisis. He had created his own style of charting that, if memory serves, he called Heccis Charts, and he provided one that was published in the autumn of 2008 that showed a huge reversal coming in NASDAQ (that is, a major buying opportunity). Suffice it to say, Hector was right.
I haven’t heard from him in years, but today – voila – he’s in my inbox again, and he gave a chart with me he wanted to share with Slopers. I hereby present………..
So far today, both GLD (Gold ETF) & GDX (Gold Miners ETF) gapped down & continued lower but have since recouped all of their post-opening losses & then some while the equity markets gapped up, rallied from there but topped out shortly after & have since been moving lower… essentially a near inverse mirror between the price action in the PMs & equities so far today. Should the current trends (stocks moving lower while gold & GDX rally) continue into the close today, that would indicate distribution in equities (sellers stepping in to sell the rallies) in equities & accumulation (buyers stepping in to buy the dips) in precious metals.
My FOREX disposition is definitely working out (bullish on Euro, bullish on Yen, bearish on the USD) , so I’ll augment it by offering up a possible pathway for gold as we near important support……..
