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At a little before noon, here's where we stand:
Yet China's still strong, VALE is still 3SD up, UUP is going strongly down, IEF is 3SD down. So frankly, I don't see where the urge to dump PMs is coming from - industry is fine, EM is fine, and the market seems to signal coming inflation.
Yet the PMs are going 3SD down on large candles, which may signify a real assbreaker of a PM crash.
So I got a bunch of bills to pay and a doctor's appointment today, and maybe some shopping to do. So I won't worry.
This time last year the PoG got decimated some $ 200 per oz. No doubt many are wondering mightily.
ReplyDeletehttp://pennystockjournal.blogspot.ca/p/gold.html
Why is this a "takedown"? Gold and silver both were falling and wanted to fall lower but after a bounce off a 50% Fibonnacci level, it kept going up higher above expectations to close an unfilled gap and even further after the Fed meeting, before resuming the downtrend. If anything the "manipulation" is more prominent in the trendless gap up/down/up/down wiggles prior to the Fed meeting and then the bull trap they sprung to lock many traders on the wrong side.
ReplyDeleteI had a target of minimum $30 on SLV and purchased many out of money $31 puts at around 32.20 but got stopped out at 32.60 just above the 32.50 gap. High was $32.71 and it dropped steadily ever since. I guess a wider stop of 32.80-33 would still be technically correct. Life is not fair and neither is the stock market.
Takedown? What takedown?: http://economictimes.indiatimes.com/markets/commodities/gold-silver-surge-on-firm-demand/articleshow/17669805.cms
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