Gold has met most of the targets we had, but there are still a few left for the short run. Meanwhile, we’re swinging higher with our mining picks.
Short term cycles are in down phases. There are a couple of clear parameters to watch for signs of whether this will get worse or not. Intermediate cycles appear to be topping out. Again, there are clear parameters to watch for confirmation.
But the long term indications remain bullish, with a brand new price and time projection for the bull market high. It won’t make bears happy, but our chart picks still have 4 shorts along with 7 longs. The bull is no longer a monolith, but it only takes a few big stocks to carry the market averages higher.
The signs of hope that a few analysts have noted in recent days are based on questionable data.
Update 10:40 AM ET
Edging closer to failed buy signals here. Could signal a crash if they break 3189.
2:45 PM ET I’d call a low here but indicators are crashing. Here’s what should happen.
I was so stunned by what I saw yesterday that I wanted to break it to everyone right now.
The withholding tax data for July through July 20, showed a 5% year to year GAIN!
Stocks pulled back this morning in the pre market, reaching trend support and a 2-3 day cycle projection of 3228.
Hourly indicators are still bearish, but have reached the levels of their last minor lows.
An obvious place for them to buy the dip again.
Fed QE and Treasury supply remain roughly in balance. The Fed is still funding most, if not all new issuance, either by direct purchase of…
Yesterday was a clear breakout. This morning we have follow through. The 5 day cycle projection has risent from 3255 to 3285. Channel resistance on the daily chart, 3270. And if that’s cleared 3325. If 3265 holds, then we pull back to 3230 and wait.
Gold has broken through minor resistance and seems headed for its 13 week cycle projection before this move is exhausted. I’ve added a new mining pick to our list.