As gold’s pattern looks more promising, I’ve added 5 new picks to the chart pick list of the miners.
The euro now costs $1.22 USD. I have now suffered 13% inflation in the 13 months that I have been in Europe.
Since the US still imports stuff from the ROW, I’d imagine we’re going to start seeing some of the impact of the horseshit weak dollar on…
It’s Fed QE MBS settlement week. You can’t keep a market down for long when those billions and billions get pumped into dealer accounts.
The futures are attacking resistance here in the wee hours Monday morning. This is the second attempt since the opening in Asia on Sunday night. This is a critical level and what happens here will set the tone for the swing trade outlook, and the longer term. This report tells you what to look for today and this week.
At 6:50 AM in New York, the 2-3 day cycle projection looks 3700. No 5 day cycle projection yet. The uptrend channel line is currently at 3676, moving to around 3685 at the NY open and 3690 at noon. Bears’ task will be to break that. Otherwise, todamoon.
Here in Europe when the business day started around 8 AM (2 AM NY) somebody dropped a big turd. The ES fell through support to the next support area around 3640. That’s the bottom of the current effective downtrend channel.
Withholding tax collections were relatively stable through November. But the 5 day average ticked a hair below November’s low here in early December. New lows would suggest that December’s jobs data will be awful, which will add to the likelihood of more stimulus, both fiscal and monetary. Whether that’s bullish or not depends on the Fed. The wrong fiscal/monetary balance could ignite a conflagration.
It’s an 80s dance party. Let’s get high and dance!
Signs of an intermediate low have joined last weeks indications of a short term bottom. New mining picks got off to a good start, but there are obstacles.
I can’t wait to see the up.