iBankCoin
Home / Fibonacci Analysis (page 5)

Fibonacci Analysis

Green Shoots in Gold Fields?

Oh I had a great picture for today.   You shoulda seen it.   Larry Kudlow, nekkid, save for a  leprechaun’s chapeau and a human sized version of the parti-coloured (sic) NBC Peacock’s fan jutting from his ass-quarters,  carrying a wee pot o’ gold for the Jacksons.

Alas, Vincenzo is still in back of the cold room there, with the sand blaster and the servers.  You know that marinara gravy, it is recalcitrant.   So you’ll just have to use your imaginations.

On to today.  First, with regard to the new Jacksonian pick:  I still haven’t made it, but today I ruled out any natural gas plays.  If you are interested in the reason, please visit The Caveman Forecaster’s blog for a great post on the natural gas market, and be sure to read the comments that follow it as well.   Short version:  natty is just too volatile and not a great long term performer due to its seasonality, and therefore not a good candidate for long term value like a Jackson should be.

So we’re just going to have to nominate another candidate.  The door is still open for your suggestions.

Today, I have to admit I was leaning in the direction of the gold camp again (surprise!).   I told you in the post previous about my increasing interest in Gold Fields Ltd.,  which had an almost mystical meeting with it’s long term (ten year!)  61.8% fibonacci retrace today at the low of $11.42, from which it bounced nicely to close today at $11.58 (+2.75%).   I bot a starter position a little higher than that, at $11.67 today.

I also reiterated that the junior miners — as expected — seem to be leading the recovery from our pullback here.   For example the non-Jacksonian “Three Golden Horsemen of N”  juniors — [[NG]], [[NGD]], and [[NXG]] were all up 6.72%, 7.97 % and 4.29%, respectivley.   As mentioned I added to my stores of NG today at $4.94.    Oh yeah, another junior gold I own that did well today was [[ANV]] up 5.69%.

I also added to SLW today at the propitous price of $8.88, even though I own gobs of this one already.   I just couldn’t hold off with it below $9, and may add again.   Stylene of The PPT also added some SSRI at $19.41, and I was jealous even though I was “full up” in that Jacksonian stalwart already.   Some of my last purchases in SSRI were higher than that level!  

I think the silvers may have begun to feel out a bottom today as well, as you will see in the Jacksonian performance.   In fact, the precious metal component of the Jacksons  is now “market divergent,” although I’ve a feeling the market will catch up with us tomorrow.

Name 15-Jun 16-Jun % Change   Comments
ANDE  $ 28.83  $ 29.04 0.73%   Another doji, but crawling back up the triangle.
EGO       8.28       8.51 2.78%   Nice junior-joining movement at EOD.
GDX     37.97     38.37 1.05%   Nice inside day, showing a change of direction.
GLD     91.10     91.93 0.91%   POG back to $935, nice step.
IAG       9.25       9.54 3.14%   Oversold yesterday, joined the juniors today.
MON     84.97     81.62 -3.94%   Sued by rival, still on trend.
NRP     22.99     22.44 -2.39%   38.2% fib @ 22.05 decent entry
PAAS     20.95     20.74 -1.00%   20.70 support held, still flabby.
RGLD     41.81     42.90 2.61%   Didn’t like EOD selloff… 41.50 in future?
SLV     13.83     13.99 1.16%   PO Silver still on 50 day EMA! – ($14.16)
SLW       9.25       8.92 -3.57%   Big support in the $8.50 range if we’re “lucky” 
SSRI     19.92     19.62 -1.51%   If this got to $19, I’d buy it one last time. 
TBT     55.49     53.59 -3.42%   Getting ready to buy back the sold calls at $53
TC     11.05     10.68 -3.35%   Support bounce at $10.40.  Still w “the market?”
TSO     14.98     14.98 0.00%   Not natties to replace, so don’t even say it.
AVG (daily)   -0.45%    
AVG (monthly)   -7.28%    
AVG (inception)   16.47%    

Unattended Addenda: No vids postable this week either,  but this is pretty funny fun that is funny (hat tip to the Big Swan).

Wednesday Morning Update:  Bot 1k more SSRI @ $19.02.   Bouncing on lower channel and support.

Wednesday Morning Update:   Of all the junior golds I mentioned yesterday, [[ANV]] is showing the strongest relative strength, which bodes well for it’s continuing performance as this market turns back up for us.    I may add a little here as well.

Wednesday Morning Update:   RGLD filled that gap from back on 6/12.   Currently (@ 12:23 EST) seems to be in “full recovery mode” at $44.23 (+3.10%).    This is perhaps my most treasured Jackson, as you know.    Hat tip to “Glud” for the shout out on CA’s blog.

Wednesday Afternoon Update:   I may have found the new Jacksonian.   I really like the pullback on [[TCK]]; especially when considering it’s pullback — almost to the  penny — to it’s 23.6% long term fib line (officially 14.52).   I bot a small starter here (1.5 k shs) @ $15.04.

Wednesday Afternoon Update:   Might do a whole post on this but I am starting to look at other “ten year fib charts” since I got such curious results from GFI and TCK today.  Just pulled up SSRI’s and it’s 61.8% fib was right at $19.01!

Comments »

SuperNova Gold

Adding to my [[NG]] horde here, with an additional 4k @ $4.94.  I like how it came back down and filled this morning’s gap and then proceeded to power on.    I think the junior miners may point us the way out of this recent pullback, so I will be keeping a close on them for all of us.

Note that recent Tim Knight short [[GLD]] also need to fill this morning’s gap at around $91.24.   A fill and bounce here would be very encouraging.  

Silver is also showing signs of an “inside day” candle formation , which would be good news for a possible end to this recent pullback as well.   As predicted, the $HUI is bouncing today, up about $2, off the trend line and the short term 50% retracement line.

All of these point to signs of a respite, as the dollar is off a bit as well.    Let’s be cautious, but judicious in our picks here.

Caveat: If you follow me into NG, your favorite poodle may be accidentally pepper sprayed in a police dog obedience class gone disasterously wrong.  And you may lose principle.

Update:   Even though I’m officially “full up” in the position, I just added another 2k of SLW at the lucky number of $8.88.   Serious (38.2%) fibonacci line here if it holds.    Thanks to whomever gave us the phrase “moth hands.”

Update:   New pick, bordered on the verge of Jacksonian, but too much geography risk, being located in South Africa with it’s “sorta” stable government and kooky neighbors.  Gold Fields International — [[GFI]].   Just bounced off it’s TEN YEAR 61.8% fibonacci retrace at $11.42 this morning.   That’s like a signal from above.   “Starter” position of 2k shares @ $11.67.

 

______________________________

Comments »

Gold for Your Ice Cream Cone

Mmmmmmmmmm….. Deeee-licious!

Looks like our friend “Baby $HUI” — the Amex Gold Bugs Index is just about to pull back to our second line of resistance that I’d plotted out some week and a half back.   If you recall, the chart looked like this:

hui_dailyiii2

In the above, we’d hit that magic $400 barrier and come back already to our first point of resistance.  Well, as of late last week, we’ve come very close to that second line and will likely hit it sometime today (Update: We’ve hit it and then some at $341– next stop could be our 13 week MA at $337.30).   Therefore, I think we need to keep our eyes open for a bounce here at least back to that first resistance level at $375.    Here’s where we are today:

hui_daily

Because of the relative strength of this sector, I think it will continue to lead, and show it’s bull head before the rest of the market does (if in fact the rest of the market continues with its bullish ways).   Short synopsis, this is your only confirmed bull in the market right now, with most names riding above their 200-day MA’s.   Therefore, this is where you want to play for fun and profit, no matter with what specie you purchase your ice cream cones.

There are a couple of POS miners that have yet to truly participate in this rally, and that may be because they are POS, so take this next chart with a kiloton of salt.   It’s the old dog, [[CDE]], which has dropped back down to attractive levels again, and is down over 5% as I type this.  Keep a tight stop here, but I continue to think this old hag still has a chance to come close to her 200 day MA at close to $30 here.  Here’s her weekly:

cdeweek2

One last note — be cautioned as [[UUP]] is back above it’s 61.8% fibonacci line of $24.06 as of about 9:40 am this morning, which could spell at least temporary trouble for the markets in general.   In the case of this PM bull, I believe it smells of  opportunity.  Best to you all.

__________

UpdateBarron’s weekend pick  and Jakepick (non-Jacksonian) [[NG]] showing her mettle, up almost 8% in a down market.  I own shares, but will likely add to weaker names.  [[RBY]] in particular looks good here.  Word on the PPT is that it’s a possible [[GG]] takeover.

Update: @ 1:57 pm, $HUI is right on the trendline right now at 334, give or take.   If UUP folds over, this could be an excellent purchasing opportunity.  Keep a gimlet eye!

Update:  Bot 1k more [[AGQ]] @ $44.01.

Comments »

Down is UUP And UUP is Down

uupweekly

UUP is our proxy for the dollar as you recall.   It’s right at make or break here hanging about it’s 61.8% retrace.  Now, on my other graphing software, the 61.8% — Golden Ratio — retrace line is at $24.07.   No matter, we want this sucker below $24 to feel good about the dollar not threatening this rally again.  

Good thing we are in PM’s and heavy metals as they are negotiating this squall just fine today.   On the gold side, [[ANV]] continues to show real nice relative strength, to the point where its making me wonder if there’s not something going on.   [[PAAS]] and [[PTM]] are doing well as well, and you may want to have a sally at [[NG]] as it’s getting bootstomped for no particular reason while [[NXG]] is up.  Perhaps it’s the “X” chromasone?

I like [[TIE]]  and [[TC]] is just insane.  I may sell the calls after this posting, in fact.   In the meantime, the golds and silvers are hanging tough, and [[TBT]] is right at my intermediate sell level (high of about 59.50 today).   I may sell the calls on that one as well, depending on what the dollar does to the close.

On other crazy stuff, [[ENTR]] is finally breaking out, while the [[HEB]] takes it in the shorts.   Watch that one, along with [[IMGN]] as I think they’ll both “be baaahhk” like Arnold.   Another Fly buy is [[OVTI]] which I’ve had for a while now, and is finally perking.

Queries welcome.

Here’s a great theme for today.   Whether we’re talking the dollar or the market, you gotta love this humble boy from Northern Florida.  Fantastic rendition, too, the way he gets the blase LA crowd to sing the whole first verse (Hat tip to Boomer):

Update:  Funkier version from Hamburg, sorry about the “non-embed” you can see that one on Youtube.

[youtube:http://www.youtube.com/watch?v=RiztRc910Ps 450 300]

__________________________________

 Update:  Sorry, no calls to sell on TC!  Therefore I am selling one third of my position here at $11.21.   I am risking that I won’t get the better price to reload.

Update: Bot 1k more [[GDX]] @ $40.88 for shizzles and gizzles.  Hanging on the 61.8% fib.

Update:  Re: [[UUP]]– she ended up at $24.00 on the dot.  Isn’t that just like a woman?

_____________________________________

Comments »

Mr. Anderson With A Bullet

Stick with a winner,  “they” say — and Mr. Anderson [[ANDE]] keeps winning, up about 5% again today at $30.55.    As I mentioned, my medium term target for Mr. A is right at the 61.8% long term fib, or $33.00

The other Jacksons are back on the winning track too, with [[MON]] looking like it really does want to fill that gap at $85.20 (currently at $84.88) from the other day.   That’s probably where I will unload my MONGOLs unless I see some major promise in the very near term from MON.   Of course I will continue with my stock position.

[[TC]] is also rocketing again, up almost 7% as I type.  [[TIE]] is also moving on low volume, but is breaking into some new territory here, over $10.85.

Two others I have been holding for a while that are getting some action today are [[AMKR]] and [[SIFY]].   If SIFY is really taking off here, it’s brother in sub-continent, if nothing else, [[SONS]] may get a rise as well.    Good luck to all.

_______________________

Comments »

Friends Don’t Let Friends Score FAZ

Sometimes it’s not about the money, it’s about the high.  The high you get from being right when everyone else (or most everyone) is wrong.   Let me tell you it can be a heady thrill,  as good or better than any triumphs on the athletic or academic plain.

But I implore you to forswear this high.   Do it today.   For it will turn you into a ravening frog-eyed hermit, cursing the clouds and the crowds for not bending to your superior will and your knowing…. your knowing.

This is a game of accepting defeat after all, shaking the Fly’s hand in a firm, but gentlemanly fashion and then moving on.  It’s  not a game of self incineration.   We must keep foremost in mind that a mass of blackened carbon cannot sally forth ever again.   He can only sit, and smolder and fume and smoke…. 

And curse his fate…

On alternating Mondays.

___________________________

   It looks like no one will be able to keep these commodities down for very long.   Is it the dollar?  Is it our interest rates?  Looming inflation?   I don’t know.   “KISS” — not the rock group but the acronym — instructs me to “K-eep I-t S-imple, S-tupid,” and so I will.

Just follow the trend til it ends.   

Is that instruction really that tough to follow?   Yes, the Devil Dog is in the details, but then you’ve many friends here (and on The PPT) with whom to consult.   We shall not leave your side despite your sweaty palms and mild B.O..      The bio-techs are still working.  Don’t ask me why, I blame CA  for starting the conversation with a grainy haus frau in a smoke-filled bar in Washington Heights three weeks ago.

You know how the flutter of the butterflies wings in a crowded tavern leads to hurricanoes in the porcelain room?     I like [[HEB]]-rews here, and First Phillip-ians [[MO]].    Another stealthy bio-tech I’ve been mentioning is [[SVA]] which had another solid day.  Last [[BIOS]] could take off at any time.    Or not.  I like it in the low 4’s.

As well, the commodites are working their tiny little mono-muscles .   General Jackson’s [[TC]] rebounded with great vigour (sic) and newly acquired [[TIE]] (non-Jackson) looks good too.  Even the PM’swere not pulling back with the vigour I expected from this mornings sad state of affairs.  My goodness, the worst hit Jacksonian was our highest flyer thus far, Mr. Anderson [[ANDE]], down a little over 3%.    By the way, if he could see his way to $28.40 tomorrow, or close thereby, he would offer an excellent entry for all those seeking his agrarian charms.  

Let’s look at the rest of the Jacksonian Core Holdings list, with attendant commentary:

Name 8-Jun % Change   Comments
ANDE  $ 29.12 -3.09%   Finally backing off a hot run. $28.40 entry.
EGO       9.27 0.32%   Gapped down, bounced off support & finished up.
GDX     41.30 -0.07%   Got our $40 target and bounced at support.
GLD     93.56 -0.16%   Hung on 20-day and 78% long term fib.
IAG     10.21 1.49%   Beautiful hammer off support, could be ready again
MON     82.79 0.99%   Still battling.
NRP     23.93 -2.33%   Still struggling with that $24 line.
PAAS     21.50 -2.63%   Another long tail doji, good EOD volume.
RGLD     44.10 0.05%   Gapped down, bounced off support & finished up.
SLV     14.76 -1.67%   Tested $14.50 early, then up the rest of the day.
SLW     10.18 -1.83%   Gapped down, bounced off support & finished up.
SSRI     22.13 -1.03%   Yet another hammer doji, this time on the 38% fib.
TBT     57.29 0.61%   $60 next stop.
TC       9.74 -1.81%   $10.96 near term target.  Another hammer doji.
TSO     15.68 0.77%   Wretched, but alive for today.
AVG   -0.69%    

Let’s hang together shall we?   I’d rather not hang separately.

____________________

Comments »