Hello friends,
It feels like forever since I've posted on a Sunday. It's time to get back and focused on these most interesting markets. I'm going to kick of the post with a look at Silver, Gold and Copper. These markets each have their own unique "signatures," but all three have a similar message--they all have wave counts that support further moves higher, but each one is at the "tail end" of their respective moves. In other words, there's room for higher price action, but the longer term counts suggests A LOT of caution. These are major waves that are coming closer to a conclusion.
Metals Commentary 31JULY11
S&P 500
Sp500 Update 31jul11
Don't Buy Stuff You Can't Afford:
The whole discussion on the Debt Ceiling reminds me of this SNL Skit....
Disclosure/Warning
This blog should not be interpreted as investment advice of any kind. The authors are NOT representing themselves CTAs or CFAs or Investment/Trading Advisor of any kind. The authors may or may not trade in the markets discussed. The authors may hold positions opposite of what may by inferred by this blog.The information contained in this blog is taken from sources the authors believes to be reliable, but it is not guaranteed by the authors as to the accuracy or completeness thereof and is presented here for information purposes only. Commodity trading involves risk and is not for everyone.
11 comments:
Good insights as usual. Thank Andy.
Ra - Your daily updates are becoming more and more valuable to me as well as I integrate more technical analysis. Thank you too - I most definitely do not enough.
Classic "Barry snark" from a friend and reader:
"... in the meantime, gotta love this dude
http://www.ritholtz.com/blog/2011/07/10-lessons-on-the-crisis-beyond-the-debt-ceiling/
First lines:
"The universe is an intricate machine of massive complexity. This gets lost in the typical, over-simplified pandering that passes for actual intellectual debates on TV."
But now he's going to break it all down for you in 10 lessons.
LMFAO"
~~~~~~~~~
Thanks for the chuckle!
AT,
Nice work on the metals charts, lots of good stuff there.
thanks
Goldman Sachs Manipulating Aluminum Prices with Warehouse Scam
July 31st, 2011
If the left hand isn’t sharing information with the right hand, with hundreds of millions of dollars in potential trading profits hanging in the balance, I’m Santa Claus.
—Usual Suspects Now Heavily Involved with Commodity Warehousing
Via: Reuters:
In a rundown patch of Detroit, enclosed by a cyclone fence and barbed wire, stands an unremarkable warehouse that investment bank Goldman Sachs has transformed into a money-making machine.
The derelict neighborhood off Michigan Avenue is a sharp contrast to Goldman’s bustling skyscraper headquarters near Wall Street, but the two operations share one important element: management by the bank’s savvy financial professionals.
A string of warehouses in Detroit, most of them operated by Goldman, has stockpiled more than a million tonnes of the industrial metal aluminum, about a quarter of global reported inventories.
Simply storing all that metal generates tens of millions of dollars in rental revenues for Goldman every year.
There’s just one problem: much less aluminum is leaving the depots than arriving, creating a supply pinch for manufacturers of everything from soft drink cans to aircraft...."
http://cryptogon.com/?p=23819
ibid.
oh look at the big news.......!
breathtaking..
that was in relation to the big debt deal......
had to include a good SNL clip in the post above...thot it was apropos given the current DEBT bullshit ...
We've exited the Stone Age of music this weekend....
Side note: I hate car payments. We own cars that are several years old now. They run great and they look ok still (Suburban and a Merc). The radio in the Sub. finally died...kept eating CDs...etc...
I broke down and got a new car stereo this weekend...it's an Alpine/SiriusXM unit that can run Pandora and an Ipod. Got the XM subscription for a year...
The whole thing is pretty cool...
Went from Fred Flintstone to George Jetson on a Saturday afternoon at Best Buy.
Also learned that if you drop more than $500 at Best Buy, certain credit card companies shut your card down until you 'verify' the purchase. It seems that when people jack your identity, the first place they go is Best Buy....
Oh Well.
Even though futures are screaming higher gold and silver are off their lows. The dollar and euro almost flat. This move is already starting to weaken. Take that Congress. Market smells the BS and the stench is strong.
Looking at the ES it gapped higer at the open and has been flat ever since (15 min chart). All the volume was at the open.
The 90 Day UST had a weekly 3LB reversal UP last week.
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