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By Jeff Pierce
Chris Hadfield video onboard ISS with Larrivée Guitar.
This is pretty amazing. Canadian astronaut on a recent 5 month stint decided to create a video during his downtime…
Apparently Youtube has disabled the embedding feature which is pretty lame in my opinion. I’d normally just delete this post at this time, but this is worth watching, even if you have to go to their site to do it.
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By Poly
The waterfall decline I’ve been expecting has essentially now been satisfied (Red line). The Cycle has run into the 25 day range and is more than ready to print a Daily Cycle Low. Technically gold is oversold to the level where DCL’s have comfortably formed. From this point forward it should be argued that a Swing Low would hold a very high chance of confirming a DCL.
But my overriding problem is with the shape and feel of this decline. It’s a waterfall alright, but it’s a controlled one, and that is not normal. This 7 straight day losing stretch has knocked off over $100, but it came with little panic, average volume, and a lack of capitulation selling. I want to see this positively, so it could well be a low volume and diverging (technicals) retest of the April 16th,$1,321 lows. But I honestly can’t say that for sure, my experience with gold Cycle Lows tells me this is too tame. For this reason we could see one or two more real capitulation sessions (Green Line) that pushes gold down into the $1,200’s, and that should mark the final ICL.
By Harlan Pyan
The following is an excerpt from the weekend premium market report by All About Trends. Enjoy a free 15 day trial to their service to get daily stock picks, market analysis, and a complete trading plan.
“While we all know the indexes are severely overbought in all time frames and frequencies the last 4 days has been more of back and forth with no real progress.”
And then came the famous “Into The Close ” Pump that blew the whole sideways consolidation out the door with the break into a new high again. IBM had a lot to do with that as it was up pretty big on the day and makes up 17% of the Dow. That’s in the short term. What about the bigger picture?
Last week one of our subscribers said:
“DOW & S&P are also in new territory. We’ve never been here. No map. No idea how high we can go. No technical guidance.”
Yes, right he is however. Technically speaking under the surface from a chartists point of view we actually do have a pattern to work off of. Albeit rare as they only show up at the end of major runs in the markets and that means major runs to the downside and major runs to the upside and they are called a few different things. Namely climax runs or blow off tops.
Let’s take a look at a chart from the past to see if there are any similarities to the current run.
By Jeff Pierce
Both of these index charts could pullback to green moving average (68) and remain in a very strong uptrend. I’m not suggesting that is going to happen as the correction could just as easily be that of a sideways nature, but the markets will have to digest these gains one way or another.
The mere fact I’m even looking at Gold through bullish tinted glasses is a monumental shift in bias from the past 3 months. I don’t think it’s a buy here, but I think it could be getting close. Don’t interpret my hint as bullishness as an all out load the truck signal. Far from it.
