Time to replace the porch roofs on my house with copper. Not using gold on my roofs because it doesn't turn green.
''I bought for quick bounce and if no bounce comes soon then... it is not a pincher formation. Right?''
Posts getting deleted. SLV wasn't a pincher play when you bought it, IMO.
XOM, CVX,COP charts all look near bottoms. COP especially so.
In addition, I see 45 or so Oil and Gas exploration, equipment, production companies that have come up on my near extreme pincher scans of the past 4 days.
I think this indicates oil is near a bottom, otherwise all these company charts wouldn't show the brakes being applied hard.
I own none of them at this moment.
The first 7 of those 40 or so, to give you an idea of the list alphabetically: APA, AR, ATW, BCEI, CNQ, CRC, CRZO
have all of a sudden vanished after posting furiously the past few days.
I wonder why?? lollol
Could it be the profound pincher in the GDX? Could it be the pincher with oversold + and - DIs on the $Gold chart? Could it be that jaz's employer told him ok, you can stop now. PM's are about to reverse pretty hard.IMO.
Could it be significant bottom formations in gold, steel, aluminum, zinc….. and the biggest one ……OIL. Could it be the major channel bottom, plus pincher, plus oversold indicators that have turned north in the biggy, XME. Commodities as a unit have landed in a huge pile on the floor. All starting to pick themselves up now.
As much as I get poked in the eye for talking TA, jaz knows the jig is up for now.
The number of pincher formations in the metals charts is at a level I don't remember seeing before.
One I found of real interest is XME.
''I find it awfully strange that the price of gold down to 1182 ''
Is it the alzheimer's or just a time warp?
'Perhaps a lot of it had to do with the reversal of the direction of the gold price at about the same time of the day.'
No?!? Really? Didn't you get the telegraph?
''Wulf must be envious now.'''
Why would I be.
Steve and I share TA long before you get to miss out on it. For someone who's moniker begins with jaz, you don't seem to have any rhythm.
Jobs may have been better at always keeping expectation numbers ridiculously low. I would have thought it would have been the number one thing he taught his protege, Cook.
Anything can happen of course, however, the $SPX still has a precise upside technical target at 2485.39, derived from the 666.79 low in 2009.
Does it hit?….. it "wants" to. There are lines it can correct to before hitting and still be on track. 2056 and worst case scenario, 1791. The SPX is right near the middle of a 4 year uptrend channel, riding on top of the 34 EMA. It's still running on the upside of of it's nearly 7 year uptrend channel.
What is somewhat frustrating is QE policy has limited volatility.
IMHO, we hit still 2485.39, then all bets are off.
I also think $Gold will do a significant bounce to the 1200, or higher, before a final retreat to 925, then rise for years.
The MDW pincher plays were a daily about .28 and a 60 min at .075. Both prices bounced significantly.
AKS and AUY are daily pincher plays right now, if anybody cares. Neither has turned yet, but they are tight.