In the grand scheme of things, I still maintain that nothing has really changed. As I had mentioned last week, as long as the 3271 area remains unbroken to the upside , downside risk still remains. The expectation of of the 54-57 area from last week came to fruition today and it remains to be seen whether today 40+ point move has more than than just the sound...
Once again the 90 area held in the O/N session and given failure to break below(for now) seemed likely that the market would try and rotate higher to attempt to capture the vaunted 20 area and then the globex high thurs/fri at 39.5. Barring the initial rotation at the open where the move up was relatively smooth the bears made it quite difficult after the retest...
IN my earlier update last week, I had suggested caution given the gap above and ES has its own ways of going about its business.Inability to get past the 70 area in the RTH session and failure to the 54-57 and then 40 area targeted the congestion in the 18-20 area. Though it found support int the RTH, they gapped down in on the open on Friday and held it below. I...
Finally, we have broken through the June highs! As you can see there is a rising wedge forming, and if I were a betting man I would say a straight move to fill the gap will not be in keeping with the character of ES. I think a push up to the century figure or around the 3305 area will likely stem this push before a sharp rotation down. My expectation is the 78...
Another miner headed for the stars. I would be cautious and wait for a PB to get in or manage my position accordingly. It wil be interesting to see what happens at the twin peaks just ahead. My guess, we slice clean through and then drop.. the confluence of resistance at the 51-54 seems to be the likely target in the near term.
If, the silver move is structural, then this is possibly the beginning of a parabolic move in silver stocks. Pretty impressive move thus far, but it is likely to continue on its journey given the Macro environment. I would be watchful below the green line.
Like other metal miners, Cameco too had taken a beating and after a long period basing it has now broken out. Again, if the Macro factors that are driving metals higher persist, then this too is likely to be a rewarding investment
After being decimated over the last 10 years, it seems that FCX, is rising from the ashes. Given its exposure to several metals, and the recent push higher in both precious and base metals this could be a very handsome investment. Technically looking good. Tomorrow is earnings.
Finally Silver has broken out after much anticipation. Looks like it is headed to the ledge from 2010-2012 from where it broke down before a PB and then a push higher, if this is a structural an not just technical move. Will not surprise me in the least if th ePB is sharp and short to scare the weak hands, Likely a poke below 20!
did point out last time the potential H&S . It still remains potential though a bit more developed. We are nearing some important support on CL . It should hold 52 -52.5 area if this is to go up. I mean of course there is always th e possibility of a long tail in CL to the 50 area, but the longer it stays below 52.5 the tougher it gets IMO . Interestingly, that...
It has been a while! I was unwell but now back in the saddle!. Nice when even after a couple of Months, nothing really has changed. We are so close to ATH yet it seems like a struggle to get there. The green line at 88 is now support. That was resistance. We have been forming a big ass wedge and now price is compressing. My hunch is for a thrust out to around the...
WE got our touch of 73 in the O/N session and a trip to 90. Today's session, I did not get a good read so stayed away. Once again, ES i splaying transformers. A close look at the chart shows the possibility of an H&S and an IHS. I am not taking any bets on this one. Hence the title. You gotta know when to hold'em and when to fold'em.I Can see a case for the...
Since my last update ES has been all over. Unless you have been brave to buy the open or get in in the O/N session from my perspective it has been a bit difficult. In spite of pathetic volumes it just keeps chugging along. Perhaps, it will make believers out of the non believers before pulling the rug. Each time we hit resistance we PB and the next leg higher is...
What an o/n session and a day following. We continued the strength from the o/n session into the RTH. In spite of what seemed a very bullish start, the 62 area proved too much for the bulls to overcome. Why? This was the first area where there were some transactions on that eventful December day when we fell from 70 to around 2712. Essentially from above...
On Friday, I had mentioned that it would not surprise me if we gapped down on Sunday to the 66 area before heading up. That of course did not happen (not going to go into the details, lets just say, did not do my homework well enough). We go the gap fill. Yday a day which I though we might fill the gap around 28 from Thursday we only got to the 22 area, which if...
We did not quite get the o/n move into gap fil or higher as I anticipated. We continued selling and reached another target in the 80 area before reversing. Even though we moved off the low, it was not very convincing. Perhaps we close gap AH. We are currently sitting right above the 50% line from the top and the 2600 breakout in Jan. Today was a day of repairing...
I did point out last time the potential H&S. It still remains potential though a bit more developed. We are nearing some important support on CL. It should hold 52 -52.5 area if this is to go up. I mean of course there is always th e possibility of a long tail in CL to the 50 area, but the longer it stays below 52.5 the tougher it gets IMO. Interestingly, that...
Well, we hit a brick wall at 37. It seems the rounded top played out (better than I anticipated)in the speed at which it came down. Had a feeling yday when this was messing around the nose (POC) as I call it. Yes, as bad as the day was, it does not really change the big picture as of yet. I anticipate that they run this up to the 17-22 area O/N and then another...