Risk On – Numerous charts show signs of a pending decline In the markets, as in real life, flags flying at half mast symbolize death. A number of half-mast flags and pennants in the raw material markets indicate that the steep decline in early May was just Act 1 in a two-act play. The flags […]
The S&Ps have a possible top When it comes to classical charting, it is always best when a multiplicity of developments occur. Such is the case in the S&P right now. There are three (if not four) chart developments that could support an important change in trend. FIrst, the late April breakout from the 9-week […]
Just for fun, yesterday I did a snarky post on a very short-term “pie-in-the-sky” forecast for Silver. I called for the bounce to stop between 39 and 42 (actual high was 39.47) followed by a decline to below 33, then a rally to 42. The lines on the chart below were drawn yesterday morning. So […]
Most chart patterns fail and then morph into larger patterns in a process I call “redefinition.” This is especially true of intraday charts. They are extremely unreliable. With this in mind, here is my best guess on the short-term chart structure of Silver. On the daily chart, a major top is in place. I keep hearing […]
Three reasons why Silver might be close to a temporary bottom (within a larger bear market). There will be support at the trendline from August and January lows. Today could end up as a reversal day. Small investor may be washed out — this is needed for a rally to occur. SLV had record volume […]
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I left out an important part of history in yesterday’s post on Silver…that is, the origination of the phrase: “When the cops raid the brothel, everyone is arrested, including the piano player.” I first heard this phrase at the CBOT in early 1980 in direct reference to the Silver market collapse. On the chart below […]
Silver prices cannot go down, after all, the US$ remains weak! The fed is out of control…inflation is brewing…my macro model calls for further gains…China is still buying…my canary is sick…my mother-in-law bought a new Honda, etc., etc., etc. This is all I heard as a result of my posts on Silver in the past […]
There are a lot of you out there on StockTwits. I get more questions via email from traders like you about the managed futures/forex world than about any other subject. It seems that a lot of you aspire to manage money in stocks, futures or forex. While I mostly have been a proprietary trader through […]
Sometimes a possible top gains clarity if one can flip the chart over and view it as a possible bottom. The easiest way to do this is to print a chart and flip it 180 degrees. But since I cannot do this with a blog post, I did the next best thing — convert a […]
