Thursday, October 16, 2014
I have a problem with GDXJ's chart
As far as I'm concerned, the action of the past two weeks still qualifies as nothing more than a rebound within a bear trend.
This happened once before, in mid-September: GDXJ popped above the downtrend's governing EMA(10) and hit the Bollinger mean, but then turned right back around and began to dive again.
Of course, this time it might only be happening because the rest of the market can also read a fucking candle chart.
The difference between today's market and September's market?
The crazy US dollar uptrend of the past few months looks conclusively broken now.
Oh, and apparently, the world's greatest market blogger called that top two days ago. The great thing is, nobody has yet recognized his genius, so he's still way ahead of every market move.
But he has demonstrated stunning genius time and time again, and I'm sure it's only a matter of time before he gets some great job from some investment house and disappears off the internet for a lifetime of pretending to dispense market insight while snorting hookers off cocaine's ass.
Because doing it the other way around is just not good enough for this fellow.