Nom Nom Nom
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Here’s why I’m eating sammitches. Watch that dollar, it’s still overbought… and I can’t tell if the Trannies, and especially United Parcel Service, Inc. [[UPS]] (their leader, as I’ve mentioned), is leading the SPX, or vice versa.
FWIW, it’s supposed to work — according to Dow Theory — with the Trannies leading. Let’s see what we can see on a weekly basis. First SPX, looking very indecisive:
Now, have a look at United Parcel Service, Inc. [[UPS]] , which has shown great relative strength these last few weeks…
And last, most curious of all… the Dow Jones $TRAN Index itself … curiously, already above its 200 week -EMA. To stay? I know not… hence, my sammitch eating:
I hope to have more tomorrow for you… including a closer look at the dollar, which remains ridiculously overbought. I am staying with everything as of this evening, however, including [[TBT]] and all my $HUI friends.
Best to you all.
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$ seems to be weak this morning ….gold up $3 and silver flat -$.01
OEW has drawn a line in the sand …. BO over 1107 and the downtrend is likely over but a BD below 1090 opens the door to 1045 or lower.
The PPT seems to be predicting more selling (unless the readings have weakened) which is contrary to both a BO over 1107 and continued strength in the trannies, no?
Getting TMJ chewing on all these sammitches ovah heah and would like to see this resolved soon to either get short or all-in long and add to the metals.
Keep an eye out for the spin-off from KHD some time in March … the existing NY listing will be renamed Terra Nova (the spin-off) and continue regular trading in the states while KID the industrial segment will be trading in Europe (FSE) on a when issued basis as KID by the end of March . It is expected that upon receipt of the KID shares that Europeans may sell the mining royalty spin off which will only be trading here presenting a nice buying op for another primary resource holding … Terra Nova Royalty Corp will collect royalties from CLF for use of the Wabash Iron Ore Mine and the new company will institute a dividend policy while seeking additional properties and royalty arrangements.
Might have to get that one just for the name alone. Is it named after Greasy Joe?
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dollar ‘ridiculously overbought’???? By what measurement, JakeGint?
Both $USD and UUP in StockCharts show at least SOME upside potential….
And the 200/50 day MA’s show a bullish cross…
besides, just as ‘oversold’ markets can ruin yer day by plunging lower, so ‘overbought’ markets can make short bears squeal like little squeezed piggies….
Good luck!
treu, and I am looking at a weekly 5-period RSI. Dollar is still in a secular bear until further notice.
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UUP is really not that overbought in the PPT though FXE is so seriously oversold it is just screaming “buy” … except it’s been like that for a week and is still going down.
Gold took another dump in Europe today so we are now below 1100 again.
The markets need a catalyst for a Euro rally and dollar decline to get a decent rally going it seems.
O’raps, but a continuing “strong” dollar versus the Euro (and DXY is heavily Euro-weighted) does not necessarily indicate gold weakness.
That said, we could test that $1035 level we talked about a couple weeks back.
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Savage sent out an email alert. He’s out. D wave is upon us in his estimation, will sell anything that’s green…Thinks April until bottom in in. I’m stunned.
I’m stunned that you thought you could get away with letting a whopper like that rip on this site.
I’m pretty sure that if I wasn’t Hart’s first subscriber, I was his second.
Now, back to harassing billy goats under your bridge with you.
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Uh, no, tis true. Check your inbox for his update…He just announced it in his recent blog post. (Comments section)
I hear Sylvan Learning has an excellent brush up course for the reading incomprehensive.
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That last comment was unwarranted. DWave is correuct (sic) and Gary did in fact release a new “Dwave” signal this morning. My apologies for having missed it and calling you a bearded troll.
For my part, I tend to agree with Gary about 60% of the time for short term calls like this (I concur w/ his long term thesis 100%).
No matter if I agree or not, however, I always give his calls a few days to marinate.
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40 lashes upon your hide, miscreant!
Had not realized the Wahabbist element had so infiltrated the Canadian shores…
(or is this harkening back to the pirate theme?)
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Yesterday he said to wait for it and today he’s out???
“We have two lines in the sand. If gold can break the pattern of lower lows and lower highs by moving above $1161 then the odds are the C-wave is still intact. If however it moves back below the Feb. low we are almost positively caught in a D-wave.”
Yeah, I think he’s being hasty too.
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Golden Cross of the 50 & 200 on the USD.
I just saw some dorrars frushing drown the toiret
Yes, well maybe Ben “turned back on the machines” as he stepped away from his speech?
Word is he’s not even using printing presses now, due to the long “dry time,” and that he just said “fuggit” and is having a bunch of Xerox machines brought in.
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You know, as an aside, having you AND Gary bearish together at the same time is HIGHLY unusual.
For whatever that’s worth…
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Here’s a question for ya, do the dollahs actually have to be printed, or do they just magically “appear” on some bank’s or other institution’s balance sheet?
No, the “printing” is just a handy metaphor for the Fed buying treasuries (and recently, shitty GSE paper) and shoring up bank reserves.
Actual cash printing of currency is a tiny fraction of the digitally recognized dough out there.
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That’s what I thought. What’s GSE paper, and why is it shitty?
Funny you should ask, as its one of those acronyms whose exact definition I’ve always intuited due to its proximity to the subject which it’s modifying…
Since its always talking about Freddie Mac and Fannie Mae (and other similar quasi-gubment institutions ), I’ve always taken it to mean “Government Supported Entities.”
But I’ve never actually checked!
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Govt Sponsored Enterprise = FNM & FRM
Gary going D on us today really has messed up my thinking. I’m thinking about trimming back a bit, but don’t want to give up yet on this trade.
I don’t think he does, either.
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He’s down to about 50% invested, so no he’s not given up totally. He has pretty much said the C is toast, which I’m not quite letting do of yet. 🙂
Why the sudden crediblity given to these Elliot Wave guys?
Sticking to my strategy and ignoring them as much as possible
Not Elliot Wave… just cycle counts. Not as backward looking as Elliot Wave, not as curve fitting.
That said, it’s also open to (mis)interpretation.
I’m w. you… I think…
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