Nice call Cantgth. Next minor resistance is looking like 81.50-ish. If it blows through there (which given the angle of the Fast Stoch and volume) then the next resistance point is around $84. The RSI is showing a lot of room for a bullish run.
I tend to agree BUT with world events as they are trending the bottom could drop out quicker than most think. You just can't take your eye off of your holdings . . . . . just saying.
tliuall, good point on the " reserve currency " status. Lots of folks are expecting the yuan to be the new recipient of that status.
China has been buying gold as fast as they can make deals while Obama has
been running our printing presses 24 / 7. As you wrote " no exit for QE's ". hyperinflation has already started IMHO as most of the super rich and many savy smaller investors have been buy precious metals for some time now.
The US and China are going exact opposite directions. woe be it to cash holders when it all busts loose.
Ha! Nice iitrium. Now it all makes sense! :) Care to share some of your expert tutelage? I'm strictly a TA trader and have done well. Granted, I hadn't watched COP for very long before pulling the trigger. I do see major support around 72.50. I'll hold on until there and, upon a bounce, will average down.
Thanks Cant for your input!
So if one buys a condo for cash and rent it for income should you sell the condo because the housing market dips?
Sentiment: Strong Buy
All I know is I am losing my #$%$ on this stock. Technical analysis when buying it looks good. Yet it continues to fall. If I see a pinbar or an bullish engulfing I may average down. Currently in at 85.50. What gives...
While the US gov can manipulate our USA inflation data by excluding certain inconsequential data (like FOOD) , the "strong dollar ", in this case, has teeth. Since oil is denominated world wide in USD, if the dollar strengthens (especially against the Euro) then a Euro literally buys less oil today than it did last month. If worldwide demand stays constant or declines then the USD price of oil tends to decline in the world wide market. So a strengthening USD accounts for some (not all) of the recent decline of the USD price of oil.
The market assumes the fed will raise interest soon to avoid 1980 style increase. The deflation is here like 1976. There is no exit for QEs. The money will eventually chase hard assets to reflect the true value of the currency, that ultimately leads hyperinflation WORLDWIDE, the central bank that has the most gold will call a new world reserve currency. Not sure U$ will still be the one. So, the gold rush will be on high gear once this washout is over. Cash is the king in the short term.