Gold is really looking bearish heading into Wednesday. Very clear double top and I'm still waiting on a break below $1000 on heavy volume. It needs that in order to sling shot to the upside and enter a true bull market.
@Venom08 firstly welcome back bruh! It's reeeeeeeealy nice to see you on here again. It's interesting that you are still looking for the sub $1K prints on the yellow ... I have been thinking the same as you for the longest time as well that we have not seen the real bottom until some kind of true capitulation on heavy volume to mark a lasting low ... we've yet to see that ... but admittedly I am not too sure if we will ... never say never of course ... but this is just me and I have been known to be dead wrong with inklings and the like haha. But, I actually think this turn in Gold could be the real deal if you will. On the long term chart I noticed it had recently broken through a downtrend line. That really caught my eye, enough so that I'm actually targeting $1400ish (not now of course but eventually). I don't think it will be a straight line rocket shot there, it never is with the yellow haha. It'll have its fits and starts, but yeah, my bearish stance on Gold has faded quite dramatically this year. Another thing that had me leaning bearish on Gold for so long was that I was extremely bullish on the greenback, however not so much this year. I don't know if that has topped out or what ... I personally thought $110 on the $DXY (the 2001 high) had a shot, especially since I had thought the Euro was headed for parity or even a lot lower, obviously that is quite the long shot from happening now lol. We'll see how it all plays out, but personally I'll be damned if Yellow does breach $1000 anytime soon. I was actually kind of impressed at how well it had held up on the last dollar peak. Seems like it made a higher low while the dollar made a higher high. I did a comparison chart a few weeks back that showed this, I'll see if I can dig that up again. Anyway, really hoping you're gonna be sticking around for good this time? Really missed your input on here. Hope everything's been going well!
It's a nice bounce back for tech for sure ... but man we're not even halfback of Friday's large red candle which just goes to show just how severe Friday's move was. New highs? IDK 'bout that. Still has some work to do here. But, we did bounce off the lower trendline of the up channel perfectly to a tee. Now battling the daily 20sma. See if it can recapture that. I'm not 100% convinced we're headed to new highs from here, but I know I've said that like an umpteenth amount of times in the past only to have the markets do an about face and rip back to new highs. Pullbacks are perfectly normal and healthy so it would be very much welcoming if this does not just V-shape back to new highs again. We'll see.
Are we going to get any surprise/shock from the FED tomorrow? I think it could be last hike of the year tomorrow especially if oil prices don't bounce back anytime soon. The FED probably won't take another rate hike off the table tomorrow though, but it will be interesting to hear what they think on inflation
Tomorrow we get CPI inflation data. Looking like Yellen will try to be hawkish because being dovish is out of the question right now in June, they will be holding out hope they can hike one more time in December. They'll try to convince us of that for the next 4 months or so, let's see how that data comes out.
looks like we had a miss across board the dollar reacted quite negatively while the yellow metal saw a bit of a bid come in treasury yields also dipped on the #'s should be interesting to see what happens @ 2pm eastern today...
if the market drop further into 242x area, i am going to take profit on my short and not hold through the meeting
Data pretty weak this morning I can't imagine the FED backing off though, probably would do more harm to shock the market by not hiking today
Yeah seems like the market isn't really buying the dot plot by the FED at least for now, let's see if Yellen will move the market
dollar on the move ... almost back to unch'd and back to the pre-cpi/retail sales gold gave back all of its earlier gains ... oil down big on inventories miss i think (?) /es still hanging around the flat line as of now ... pretty choppy
small caps off a full percent now ... nasdaq second worst ... dead cat bounce over? edit: didn't realize this but transports came within about 1.5% of the aths this morning ... interesting
AAPL is definitely leading the drop in the FAANG group. gotta love to see that 13x by the end of the month
that 144 level looking pretty good for apple. was thinking of hopping in it today, but decided to get back into MU and AMD. i cant stay away from my past winners, i hope it doesnt come back to bite me.
