Goldtent TA Paradise
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Effective Dec 9, 2016 two leveraged oil ETFs, UWTI and DWTI, will no longer trade on any national securities exchange in the U.S. Orders to purchase these securities are currently being accepted but this is subject to change at any time. Please use caution when placing buy orders for UWTI and DWTI.
YCL should be imminent.
Last report = 885.
Now = 870.22
Took profits on my Boil positions today. Find out why here:
When we look around and see what is what and which markets have moved the best this year ( From Jan 1)
With 4 weeks left in the trading year…Rounding !
Oil is Up 40%
Silver is Up 20%
Gold is Up 10%
Commodities (Basis the CRB) are up 10%
Dow is up 10% ( but it was in a freefall for the first few weeks and is up 25% from the bottom in mid January)
Bond Yields (basis the 10 year) are up 5%
US Dollar Index is Up 3%
What are you smoking Fully ?
So….What’s the take away besides EVERYTHING is UP ?
The US Dollar has basically been completely insignificant in 2016 as to what the other asset classes are doing !
So there…It is NOT The Most Important Chart on the Planet !
It’s Toilet Paper !
Ignore the Damn Thing !
By special request from Daveinthe UK
You asked how this excellent MA looked at the close of the month ?
It Looks Dismal.
Using this MA as a Guide since 2001 has been 100% even in 2008 where there was a whipsaw which had you out then back in ..at the same level)
There may be a backtest and if you are still in get out there if you are lucky.
This chart says “what the hell are you doing still in ?”
~$1.77m bet – First bullish metals flow I’ve seen in a while. Hmmm
This is a polite request to Fully to post his 20 month exponential moving average gold chart if he hasn’t in the past week or so, ’cause I haven’t got the charting stuff to do one.
I have done an 87 week ema which should or might be the same. It looks awful (blue line). This support is decisively broken by $70. The red line is the 40 wma (200 trading days) and I notice the price did a nice little end run around this line before the failure:
By comparison, Fully’s chart showed that in the 2008 metals crash, the 20m ema was broken by about $120 ($681 price vs $800 20m ema). I think $70 is in the same ball park, especially since there is no massive deleveraging credit crunch and stock market panic crash going on at the moment. For this to be a false signal would there not have to be some massive exogenous event to create a false signal, such as happened in 2008? Bulls are going to have to come up with a real good excuse.
Furthermore, I don’t think this is able to be shrugged off as a strong dollar phenomenon. The action in gold in Sterling (not exactly a strong currency) looks even worse, since the pound has actually pushed slowly up against the USD in recent days and is now $1.25.