Gold futures have to break past all the longer term supply lines.......1098.70 or so is first area to get past and hold. If gold is really going to get going again, I think 1170 ish is very key......then it can move about the cabin. The chart is still broken and needs to get repaired.
This is probably a blow off on it. But the stock has been in an uptrend. THis is always one of wallstreets tools........sometimes it is better to not be involved.
You could tell that something was about to get the smack down.........Cramer is doing the same dance he did when the Fourhorsemen were around in 2000........now it is FANG......
FB, AAPL, NFLX and GOOG........same stupid show to get a whole new group of baggies.
Funny, massive volume on the gold futures, almost double the norm.......and now short it?...this is why I do not watch CNBS ever..........the charts show you the trend. And the trend in gold has been down as it has been in oil.
Many moves are counter to the trend.......and those are the real opportunities.
Sorry about that loss. I thought that you were wrong on the trade when you put it on. But I did not want to give an opinion. When you get a moment, an easy way to look for a trend in price, (not volume based) is to set up a daily chart with some linear regression curves on them. I use the following settings.
3 day, 5 day 10 day 20 day.
And the big kahuna is the 252 day level........if you take a look at this you will see that the agenda is to always try to get prices back up and over the 252 day LRC.......then put a 252 day simple average on your chart.......the only thing that happened was some selling. IT was nothing at all.
A true long term down trend can be seen when a 252 day LRC crosses a 252 day average.
Look at oil......tells you all you need to know........it always works like that.
None of the LRC levels even went NEAR the 252 day vwap or average.......this market is not busted yet..
By the way, there is no overbought or oversold.......there are only extreme statistical levels. No indicator in the world will ever be accurate about overbought and oversold......they are all set up the same way and totally useless.
Central Bank Ledger Entries:
Debit : Worthless Government Debt that can never be paid back to the Central Bank
Credit: Money Created ouf of thin air
Government Ledger Sheet Entries
Debit: Money Created ouf of thin air
Credit Worthless Government Debt that can never be paid back to the Central Bank
Credit: Money Created out of thin air
Debit : Way over paid government employees
Does that look like it can be fixed? Not a chance.
I was not trying to do that. I was just thanking Hyper for the advice that he put out years ago about death crosses. Moving averages lag......but the 20 and 50 day vwaps are still above the 252 day vwap.......so all is not yet lost.......I do not use moving averages. I use volume based linear regression and that model implied that selling had dried up under 2046 anyway.
Well sure, longer term your are correct......but you posted years ago that death crosses can be quite bullish........20 day crossed the 50 day vwap.....so as you pretty much implied......it was bullish. Was a very useful post that you put out there,
If you run volume based linear regression algos you can see how this is moving up on no volume. When it's thin......go long.
I was looking at an article about the NYSE. It accounts for very little volume relatively speaking. The idea is clean out the latest group of longs before taking it back up. Excess has to be wiped clean and the only way to do it is to drop the bid.
Beyond me how no one was paying attention to that open gap in the 2090 + area. This tells me that there are many newbee traders that have no idea how the mechanics of the futures work. Technical extremes have always been above 2090.
Good trade whatamarket. Market edge was under 106.33 to get long.
They could do it in any currency they want to in theory as long as the currency exists.
The real story is simple. If a government exchanges Debt for Currency it can not be paid back to the central bank. It is mathematically impossible. So technically all Government Debt that has been created via QE can not be paid back.
So that means that all the QE created so called Assets on the Balance Sheet of the FED are worthless no matter what the tax rate is.
The fiat based currency system has to ultimately fail based on pure logic. It is now a death spiral.
You saw it with the Japanese Yen. Saw it in Venezuela, Argentina, Zimbabwe.......it is a pure mathematical function. To slow the death rate the government would simply have to have much higher tax rates........so in the end........why even have a Central Bank........no reason to have that or taxes.......
Govs are pretty much money printers anyway......they give out bank charters to banks last time I checked........those who do not understand debits and credits in the end always get fleeced the hardest.
Like that warning I gave you about the 54's. Now let's see if this pig can really dump.