Loading ...Bears ?
There have been a LOT of bearish short term projections from the Gold Minds here at the tent.
Almost Universal certainty that we are going lower short term .
Cautionary charts of impending freefalls…2020 Gold rally Over done .
Silver to $20
Does todays action change any minds ?
Personally I am hold on to all my rocks and trading the Large Caps…intra day via HGD and HGU
Good Luck to all
This is NOT your Fathers Gold Market..Anything is possible in this environment ( envirusment ?)
Meanwhile anyone who sold and is on the sidelines today is sick to their stomachs !
Come down with fire
Lift my spirit higher
Someone’s screaming my name
Come and make me holy again
I’m the man on the silver mountain
https://www.youtube.com/watch?v=dAVJO18j-do
Who cares about a correction when you live on the mountain.
So the people of the valley
Sent a message up the hill
Asking for The buried treasure
Tons of gold for which they’d kill
Came an answer from the kingdom
With our brothers we will share
All the secrets of our mountain
All the riches buried there
Now the valley cried with anger
Mount your horses
Draw your swords
And they killed the mountain people
So they won their just reward
Now they stood beside the treasure
On the mountain dark and red
Turned the stone and looked beneath it
‘Peace on Earth’ was all it said
Go ahead and hate your neighbor
Go ahead and cheat a friend
Do it in the name of Heaven
You can justify it in the end
There won’t be any trumpets blowin’
Come the judgement day
On the bloody mornin’ after
One tin soldier rides away
Obsession with timing the tops, and calling for upcoming corrections? Then telling the readers, I told you so … that’s common among many “authors” incl. Jordan Roy Byrne, Bob Moriarty
I’m worried about my own portfolio … not worried at all whether “they” were right or wrong.
Again, just sold 2-3% of my entire holdings, and sat like a rock on the remainder.
Sitting tight.
This bull is just getting started.
Proud to admit I didn’t puke at this correction!
GL
There is still plenty of time for a puke. Not saying that you will, but this is far from over. Even if gold makes a new marginal high, do you honestly think it’s just going to keep running? It needs to consolidate and it almost certainly will. If we already are in a bubble phase, most TA can be tossed out of the window however
Here are a couple of great points (at the end of my post) from an article on KWN (I know they’re not liked by many here, as they’re always saying gold to the moon).
The FED is not done with inflating yet.
The economy’s intense state of hurt is starting to be revealed.
And did you see the USDX? This has to be the weakest dead cat bounce, ever!
Hence the logical bullishness in gold. Time will tell.
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We hear from some more Fed members today, particularly Brainard. In what I’ve heard so far this week there has been no mention of the US dollar weakness, no mention of the record high in stocks and what that potentially means, and certainly zero talk of rising inflation expectations. What I did hear is not understanding the ‘wealth’ inequality that the Fed has created via its easy money policies that we know has helped lift asset prices. Instead they focus on ‘income’ inequality and San Francisco President Mary Daly yesterday said “Ultimately the thing I worry the most about is the pandemic is going to widen the inequalities in our society.” Some one tell her to look at the stock market please. Daly is also a fan of ‘forward guidance’ and you know how I feel about that but at least she doesn’t want to enforce it just yet. She also said the Fed is committed to achieving its 2% inflation goal. Thus, with inflation still running still below that, she feel it’s a good time to raise the cost of living further from here, in the middle of a pandemic. If successful, that will further the inequalities. We need to take conventional Fed thinking and turn it upside down.
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Worrisome Bellwether Economic Report
From a macro perspective, I believe that Cisco is a bellwether with a great pulse on tech spending and global growth. Here are some things that Chuck Robbins said yesterday after reporting earnings. “We are seeing customers continue to delay their purchasing decisions in certain areas while increasing spend in others until they have greater visibility and clarity on the timing and shape of the global economic recovery.” Another important comment, “As you move down the customer stack, things just get weaker and weaker as the customers get smaller and smaller because they just don’t have the financial wherewithal. This country is still driven by small and medium sized business for hiring and everything else. I’m concerned about what happens next.”
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GL
Who knows? I haven’t sold anything yet so I don’t care either way, but this is exactly what corrections do to people. According to that Elliot wave video I powered, today would be the day to go short silver with a stop at $28.50. Based on the relatively pathetic action in the miners and yesterday’s bearish candle, I wouldn’t be a buyer here for a short term trade. If you are a long term buy and holder, of course, any dip you buy will eventually be rewarded, but we are still extended here so you need to at least contemplate the possibility you could be underwater 20-30% for a while.
A consolidation consists of down up down up a few times then Up Up
So we have had down and now we can reap profits on the first Up
Not sick if Sold last week. 🙂
‘The flame rises but it soon descends…’
I am a bullish bear! I Bought some SQQQ at the all time low today 5.32. I am predicting that the price of a share of the SQQQ will be 5 times higher next week.
JSKauai,
That’s excellent timing! One penny above the intra-day and 52-wk low
But what could turn around the broader markets?
As legend has it, “they” won’t let it turn down around major IPOs or stock splits … like TSLA and AAPL
But, I’d still do the same as you if I had cash to deploy.
Have been watching SRTY for months now. Reason: Russell goes down much faster in a correction.
As for Nasdaq, it is bought heavily at any dips!
GL
If I would short US equities.. I would start by shorting Russell first.. and its looking on a good run. So until Russel tops.. I doubt spx ndx will top first moeny flows to big caps last.
5 times higher, you mean Nasdaq (QQQ) falls 60% next weeks 🙂
By what calculation?
GL
I am not saying what the QQQ will do I am saying that one share of the SQQQ will be 5 times higher next week. The reason is the the SQQQ will have a 1 for 5 reverse split…LOL