Gary, if you look at the $CRB:$SPX ratio chart the turn maybe in process already as it bottomed early Jan at .148 and the indicators turned positive again last week at .1493Any ratio chart of $Gold:$SPX or GLD, GDX, GDXJ, HUI they are a different read as their indicators are turning negative and the trend line lows of late Dec and June are a lot lower.Both Gold and Silver hit their 200dma on the daily chart Thurs, that's now the key level for Bulls and Bears $1287 and $20.34..........jj
Surely they will 'fix' the US GDP figures out next Wednesday(?) to be very positive and the conventional markets will simply surge upwards as a result?Or is that a simple view of it?
Bob, ALL global government data is 100% Bull !!
Yes, we know that... but my point was that such data usually is an excuse for the markets to rally hard isn't it?
I dobt the S&P will be able to get through 2000 without at least a multi week consolidation or a full on intermediate cycle correction.
Gary, your 1292 level in gold seems to be holding for now. Do you think the gold pull back is over? Josh
I think we will know by next Wed. when the GDP and FOMC are announced.
Thanks for the answer. I hope the knee is healing fast!Josh
This last year since the announcement of the QE taper almost every FOMC date has produced a Bear or Bull trap knee jerk reaction....Fri close and the following Mon action will be a better indicator, I'd rather have confirmation of a new uptrend in place or not ....than bottom fishing...........jj
Interesting Gary watching the action into the close, Gold has had a decent bounce off $1287 200dma up nearly $20 yet the miners who are to lead the bullish charge are not setting off any fireworks, GDX up only 2.09% GDM 1.80% HUI 1.8% and the leader of the pack for 2014 GDXJ up 3 %.....Next Thurs close for July and the weekly on Fri is going to be very interesting indeed!.............jjI think that red arrow you have on the CRB chart going to da moon at 1650 is a bit rich..................................just kidding, I know your showing the possible trend outcome.
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