____________________________
Gold and silver are hanging in there and battling uphill against what looks to be a consolidating, yet hardy dollar. What’s odd is that other manner of metals are starting to come out of hibernation as well. Not just the precious, near-precious and the rare earths, but the more industrial metals as well, like molybdenum mining Thompson Creek (TC). More signs of Bernakean loose cash, like our bubbling crude? It’s arguable, and it’s certainly something to keep an eye on.
Take our rare earth friend from a couple of days back QRM. It’s been “on fiah” this week, but in the long range look, we’re not doing much but overcome a resistance level. Lookee see at the updated chart below.
My target still stands, but I think we’ll get another move to the consolidation line while that RSI works itself off a bit.
With regard to TC, we’ve also had some very nice moves in the last week or so. But on longer term inspection, it’s really just all about gaining back lost ground… and maybe not for much longer. Check the weekly:
Note that despite the nice move it’s had coming from below $7, TC still has a way to go to be pronounced in “bull mode” again. Still, it bears watching after such a move, even if it be for more ursine pecuniary reasons. I’ll be bailing before that high $8 line, and maybe as early as tomorrow. I think this is a nice long termer once it breaks resistance, but I may even play it short on this set-up.
I’ll let you know if I can get a break tomorrow…
Best to you all.
If you enjoy the content at iBankCoin, please follow us on Twitter
http://abcnews.go.com/Blotter/romney-parks-millions-offshore-tax-haven/story?id=15378566#.TxgLWvm8iq9
Romney – another privileged ‘legal’ tax evader .. hey, I don’t blame him
Neither do I.
Capital is mobile, taxeaters, I don’t know how many times that has to be illustrated before it gets through your grubby little heads.
________
Dude Jake, Your 2011 Prediction of a New England New York Super Bowl might come true, good call there…
That may have been my 2011 prediction, but I’m pretty sure I predicted a Saints-Pats bowl this year.
And the only reason I think the Giants may now have a chance at all is because the Saints have miraculously been taken out of the equation.
They are murder in that Dome. We would have been smoked.
_________
Giants will win. Not just because they beat the Pack (who played like 90 pound weaklings). Nobody can match up w/ those receivers let alone stop the run. Defense is good enough to slow down the pats offense, probably knock brady around a bit – those dudes up front are physical.
On the other hand, I probably just jinxed it for you.
Jake – I am thinking TC might be worth an add if it pushes above $8.70. I’m holding a 3/4 position at $9+ cost base. Then again, I’ve been wrong lots of times.
I’d wait for nine, and some consolidation. It will be overbought by that point.
_______
Have any comments about PCX? A tough hold.
I’ve still got a little bit left.
It’s down almost 75% from it’s highs while it’s competitors are down 50% or so… worth playing for the trade bait exercise.
______
“Tango Down! JUSTICE.gov – U.S. Government Website DOWN!”
– Anonymous Tweet following government take down of Megaupload and arrest of owners in New Zealand. LOL
Talented bunch of hackers. They took down DoJ, RIAA,MPAA and Universal Music. Balls.