GOLD (weekly info)WEEKLY REVERSAL new low 1639.80
trend=no
direction=down (1 bar)
low= 1639.80
rev= 1876.90; mid= 1758.35
Last weeks big move lower might have already exhausted itself as this week is forming a hammer. It's testing the monthly 3LB mid and is only below the SMA(21). It's also testing the 61.8% minor retrace (1648.80). So being nervous is fine but there's no reason to be scared…yet.
COPPER (weekly info)new low 3.280
trend=down
low= 3.280
rev= 4.004; mid= 3.642
Unlike gold, copper is getting crushed (HULK SMASH!). It's already below its 61.8% retrace (3.553) and trying to hold its 38.2% minor retrace (3.309). It's below all SMA's. It's below its monthly 3LB reversal price. If copper represents the economy then the economy is in real trouble.
PALLADIUM (weekly info)WEEKLY REVERSAL new low 634.60
trend=no
direction=down (1 bar)
low= 634.60
rev= 827.70; mid= 731.15
Well palladium is in a dangerous area as it's testing the SMA(89). The last time it closed below it was the week of 7/25/08. It's testing the 50.0% retrace (622.85). It's below the shorter term SMA's (21,55,89). It's also below its monthly 3LB reversal price.
22 comments:
"Junk is still gaping wide like everyone expects Jesus to descend from the clouds and judge."
I fully expect Jesus to descend from the clouds & judge...
I'm just trying to figure out who he'll replace...
- Wapner
- Judy
- or Paula Abdul
maybe Simon...
If this is how the SPX reacts each time it tests 1120, I can't wait to see the reaction when it closes below 1120.
SPX almost up 2% in less than 10 minutes. This makes no f'in sense.
hey all, check out this poor fellow protesting the "evil banks"
real sad video right?
well, do a little digging and find out about this dude, and also find out about the fact that his parents aren't losing their home
http://www.youtube.com/watch?v=uDn86_GKalA
future lawyer......
i have to admit...
s&p 500 has been an annoying whipsaw grind
's&p 500 has been an annoying whipsaw grind'
---
That's Lloyd picking up pennies on the street... Come out & play...
@Amen
If this is how the SPX reacts each time it tests 1120, I can't wait to see the reaction when it closes below 1120...
That's what I said last year... at 1000... But then, oh well...
I can't remember exactly what happened... TRADERS all of a sudden got 'bullish' I suppose... /snark
btw, checked out that traders blog from the video that prashant linked yesterday, wanted to see what he was all about
first, there are some really cool shots of him around 45 monitors, shows he's a "real trader"
next
he's apparently out to "get the banks back" and as I suspected he admits that he didn't make as much as he "should have" in 2008 and thus his reason for three years of dreaming for another recession is revealed
then he says again "people made money in the depression" Jesse Livermore made millions during the 1929 crash was his specific example, I suppose none of the people commenting on his blog that he is "excatly right" know that the depression was just getting started in 1929 and by the end of it, Livermore lost a shit ton of money, but his message was that this is all people remember the depression for....the market crash....not all the millionaires that made it rain during that period of time.....
then in the same explanation he quotes buffett "buy when others are fearful" as if that somehow applies in the same manner to what he's discussing and doing right now.
I really can't believe that guy is getting so much press.
well... as far as I'm concerned, you had me at...
he's apparently out to "get the banks back"...
AS IF... good luck with that one pal...
---
AS IF #2
BTW - Tomorrow starts the Rosh Hashana - Yom Kippur period...
You really don't think the markets are going to collapse during that period now do you?
AS IF...
"AS IF... good luck with that one pal..."
oh, you must have missed the part where I said he had a lot of monitors...they're stacked baby
bwahahahaha
Whats up old friends?
Please pass this around and sign it if you think it suits you.
It suits I and I.
http://www.getmoneyout.com/
1Love,
-I
sup I&I???
The comet pays a return visit to the solar system...
Well, it has been exactly 161.8 days...
See yall next time at 314.
Peace, Love, Unity, Strength. Jah bless you all.
-I-Man
@ben
monitors bitchez!!!
ROTFLMFAO
----
OK so let me figure this out... The dude has 45 monitors (which I'm sure he can visually process, in what? on a GOOD day about as fast as Tom Brady or Drew Brees size up a defense)...
On a HANGOVER day, about as fast as Michael Vick or Tavaris Jackson do...
And then what... He's supposed to 'spot a trade' over here or over there, punch in a limit order, & BOTTOM or TOP TICK it????
BWWWAAAAAHAHAHAHAHA!
Meanwhile Lloyd Blankfein has paid some pimply faced geek from MIT to write an algo that gets stored on a server with 10 terabytes of bandwidth, positioned within spitting distance from the NYSE, NASDAQ, or NYMEX floor...
Let me guess...
The guys 45 monitors are set on one of the tee boxes of a driving range & he has 'pattern recognition' software as well...
@I-Man
well if the world ends on 12/21/12, we won't hold you accountable...
I'll probably end up in "H-E-double hockey sticks" so if any of y'all want to see me, you'll prolly find me there...
CV,
to be fair, I think he had six monitors, 3 stacked on three, or maybe it was 4 on 4 for 8
I just sometimes get a kick out of traders online as they always take a picture (it seems) in front of as many monitors or hi-tech devices as possible
I think many of them probably realize that in some folks eyes this gives them an immediate credibility. Whether or not they are any good isn't as important as how they appear.
Makes me laugh, most of the old school traders that I learn the most from were on the phone doing their trades and they got delayed quotes, they were not running stochastics on 8 different screens and triple smoothing price data in real time, etc.
as for bottom and top ticking, no trader survives long with that strategy it would seem, you just want to try and catch some or most of a trend
bottom and top ticking, very hard stuff....
If there is one thing we have learned it is buying the bottom of trading ranges and selling squeezes. This feels like an exit rally for commodities. Crude is set for another fall.
Not very bearish overall - but if you think Europe is fixed, then Mangler Merkel is the new Victoria's Secret model.
Divis hardly did d*ck today.
Stupid momo melt-up trade... and I say that as a long....!
We were selling all day.
Apparently many punters agreed....
Almost forgot. Each time the Fed enacts a program to affect rates the rates do the opposite.
"Each time the Fed enacts a program to affect rates the rates do the opposite."
now wait just a minute Ra, are you trying to deny what the great and powerful PIMCO says?
I mean after all PIMCO is the best.....
wait, nevermind, they got spanked thinking that the Fed controlled the bond market.....perhaps it will be different for them this time, of course, they are long treasuries again and increasing the duration "across the board" at PIMCO, so I'm not so sure they learned anything last time, you see, they weren't wrong....the market was
ben22
I'm still laughing.
Post a Comment