Yesterday the media got all bulled up over the Fed’s new data on household wealth showing that it hit a record in the fourth quarter of 2013. As usual with Wall Street’s chattering media class, this wasn’t quite the whole story, at least not the “real” story. The real story is deeply ominous. The total…
I won’t pretend to understand why traders would dump gold on a so-so, but better than expected jobs report. The fact is that this is just slot racing within a narrow range, signifying nothing. Meanwhile, the projection ranges on 13 week and 10-12 month cycles have widened.
Most indicators strengthened slightly today. Some cycle projections rose. The market is challenging trend resistance. Could it accelerate if it breaks through?
Some intermediate projections have dropped, giving reason for caution.
Given the immense changes and exciting tape action in the market today I…yawn… but all the charts and tables are updated… yawn. Cycle projections barely moved, with a range of higher projections.
The Fed and BoJ money printing operations and capital flight out of troubled regions of the world into the US continue to keep US markets levitated, even during stretches where massive new Treasury supply should have caused prices to come down a bit. We can only look on in horror and wonder as we face…
Some longer term indicators are firming as gold attempts to chew through a major resistance level.
Yesterday I was unwilling to give a new 13 week cycle projection of 1955 any weight. That was before the market got crazier today. Now other cycles are also projecting seemingly ridiculous numbers.
A resistance line convergence at 1350 has held for now.