Marty, glad you are finally writing about silver. 🙂 Did you see my charts over the weekend and the big black bar of support?
When are you going to have lunch with me? We need to talk. 🙂 Just email me. You have my email address.
SLV is bullish above this big black bar of support.
Guys, I might have to start charging for my analysis….or go to a private blog.
5:38 am PST. Yesterday GDX and GDXJ had high volume breakouts from the bullish ascending triangle pattern. GDX also broke out of and closed above the 200 sma. That to me says this morning’s pullback is just consolidation before continuing the melt up – I might add onto positions this morning. SLV also went higher on higher volume yesterday. SLV has not quite broken out yet.
5:23 am PST. The dollar looks like it is having a rip-your-face-off rally this morning that could culminate in new highs. The breakout point for UUP from the down trendline happens at around 26.00 which UUP is just about at this morning.
Interestingly, gold and silver are only down marginally. If GOLD breaks below 84.91 then I will exit, otherwise, this might only be consolidation. I am not sure. Silver does have solid support at the black trendline. It will be interesting if it breaks below it. I do not think it will, but if it does, that will be another pattern to chalk up for my records.
1:06 pm PST. Nice day for the precious metals and mining sector. GDX gained 3.67%, /si +1.52%, and /gc +1.29%. UUP had some smaller prints today, at 25.82 there were 200,000 shares block traded and we closed below. UUP backtested the 8 ema day and sold off. We closed just on the 4 ema.
The Dow and the indices treaded water today consolidating in a tight range. I am still bullish and think we will continue to climb higher into May.
Several days ago I bought Rangold, GOLD, at 84.91 and continue to hold it long. I do not expect to see GOLD back at 84.91 at any time in the near future. /GC is almost at the 1243 overlap point. I expect we will get there tomorrow and then see some consolidation for 1-3 days, but overall still bullish.
Here is my wave count for GOLD.
Like look at this stunning fibonacci spiral galaxy. I love looking at these galaxies. The same laws of the universe apply to these celestial galaxies as it does to a seashell that one finds while walking along the beach here on Earth. I wonder about the beauty of the universe, ponder upon the mysteries of how I was formed and came to be, and what beautiful secrets there still are to be found. I think about the fibonacci growth pattern and wonder whether pi is just the same, a universal constant that exists in the life cycle of alive entities.
10:35 am PST. I have just been reading the news over liberals and Trump. Sigh. I am so glad I am not in the news business anymore. lol. I remember back in 2004 when Bush was visiting NYC for the Republican National Convention there was a mass rally with tens of thousands of people marching in the streets to protest. I had to cover that event for an assignment as a “neutral” observer and writer. There were people screaming at me as I walked along trying to interview people about why they were protesting, as though I were a protestor. It was rather frightening to look another person in the eye and see them shouting at you with a terribly angry face over something I had absolutely no responsibility for or control over. People get so angry about things. I think it is good not to be a journalist these days for the sake of personal peace of mind. I would rather just try to make a lot of money and go where I want to go when I want to go and do as I please. 🙂 Go on vacation to Hawaii, lay on a beach, take a walk in a beautiful garden, climb a luscious mountain, stare at the stars at night and be reminded of the beauty of the universe.
9:53 am PST. This whole Caliexit thing seems to really be getting attention. I thought it was a joke at first. lol. Hmmm. Interesting. Does that mean we will not have to pay federal taxes anymore? 🙂 That would be heaven. No federal taxes. But I am sure California would find other ways to get that money. Personally, I have not heard any of my friends talk about this, and when I am out, I do not hear anyone talking about it either. lol. Maybe just a cooked up media frenzy? I have no idea if this is a good or bad thing.
http://www.zerohedge.com/news/2017-02-06/trump-threatens-de-fund-out-control-california. “With the number of Californians demanding secession soaring post-election, President Trump maybe just about to give them another reason for Caliexit. While all eyes and ears were focused on his Russian comments, President Trump had some choice words for Californians during his recent interview with Fox’s Bill O’Reilly.”
9:25 am PST. Silver continues to advance higher as expected even as the dollar bounces. Newmont Mining had an interesting print this morning at 37.00 for 543,449 shares block traded. That is rare.
5:07 am PST. Gold, silver, the dollar, and bonds are up are up while the Dow is making a small retracement.
Silver closed really well today. This is the fourth day closing above the trendline breakout that was resistance for several months. I think silver is standing on solid ground to make an advance higher.
HYG had 1,000,000 shares block traded at 87.47 and we closed above. I am bullish on the indices and XLF.
Have a great weekend!
7:40 am PST. Holy cow, guys. GDX has a bullish ascending triangle. OMG. This is going to be blast off.
7:10 am PST. I like XLF. I think it has more room to go on the upside.
My Journey Towards Understanding the Markets 