If the Market’s not Crashin… Hey! It must be the Mon-ay!
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I haven’t a whole lot for you tonight. Most of the PM’s held up pretty well today as the dollar shilly shallayed about, dancing the mazurka to a deflationary beat. I”m especially fond of EGO, IAG and SLW’s “holding up” action today despite the cannonades from the Depression Era Debutants. I happen to think ANV is offering a nice dip purchase opportunity here as well.
Save the drama for one’s mama, fellahs… the dollar will tell the tune, and it already is. Here’s the daily for the “close-up” look at where we are in the cycle:
As you can see, there are some conflicting stochastics here, but if I have to choose a marker, I’ll usually go with Woody’s favourite (sic) — the 5-day RSI. There’s no clear path here, however, and the situation will resolve itself when we are out of that 20 to 50 day EMA channel referenced above.
The monthly chart on the dollar may offer a bit more direction. This last looks like an exhaustion candle to me, but then I’m biased.
Occam’s Razor tells us, however, that Ben and the CBE boys (not to mentiont the Ministry Of Finance in Nippon) will hit the QE button again in order to save the banks and avert a deflationary vortex. Why will they save the banks? Because there will be no second TARP… not in this election cycle. What other tools have they at their disposal?
Moreover, the Fourth of July is a historically solid up week. Will this year be different?
You make the call. I’m heading off on vacation, blythe and fancy free. Mostly.
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Here’s the origin of today’s title:
[youtube:http://www.youtube.com/watch?v=RtSDWq6HsJE 450 300]____________________
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I thought it was was supposed to be ‘da’ mon-ay? Regardless, happy vacation’es!
I thought it was was supposed to be ‘da’ mon-ay? Regardless, happy vacation’es!
Thanks… not leaving until tomorrow, however. Which may be a good thing, given this freaky market.
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Long MON for the dead mutant seed bounce.
monet?
Hey, hey were the monkeys, wer’re here just monkeying around, were really just playing around..
Have fun
BOOM goes the dynamite. PMs taking it on the chin today. I just can’t see them being immune to a significant sell-off under any scenario.
Jake,
I sold my SLW on Monday, but am thinking of buying a big chunk into this drop. How low do you think it can go?
18 seems like a decent point to start buying at least partial positions, but this market is beyond my expertise…
I actually added the last of my SLW that I had sold back in December, and I’m back in a full position again.
I just can’t believe that with the dollar making one of it’s hugest drops since the March re-up that they can keep gold and silver down for long.
Someone today did a head-fake. I guess we’ll find out who soon enough.
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I believe this was end of Q reallocation day.
Plan is to add some tomorrow.
Why the name change, Indie?
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I tend to agree, btw… everything is entering oversold territory in the PM side. Dollar got reamed, can’t think it’s sustainable.
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Alchemists discover how to make silver from chicken entrails?
The sharpest corrections occur in BOOL Markets!!
True… this isn’t the first, or the worst.
Albeit pretty damn close, lol!
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Enjoy your vacation Jake.
Thanks, but I’ll have my laptop w. me. I’ll be around.
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