Even As The Miners Reverse
After attempting to breakout higher over the past six trading sessions, the miners are posting signs of a nascent reversal.
Even so, the bull calls continue.
The latest round includes two more articles from ZeroHedge:
The first part describes some technical details that are all true … after that, well, you decide.
Turns out, gold is going to skyrocket because of Russia !
I suppose, anything can happen.
We get fundamentals and anecdotal data as the reasoning for a Russia driven up-side breakout.
The problem with fundamentals is, they don’t work.
They never have worked.
Wyckoff discovered this a century ago when he said (from his autobiography) that ‘stocks move based on a power of their own. That power, has nothing to do with fundamentals.’
Trading genius Ed Seykota repeated that truth during his interview for ‘Market Wizards’.
He called them ‘funny mentals’ and went on to say he nearly, if not always lost money using them.
This article’s so good that I have to pay to read it.
From reading the shaded area, we can infer a similar (bullish) discussion to the first link above.
Sorry, not interested.
This time really could be different. Gold could launch into a sustained upward breakout.
However, the charts (GDX, GDXJ) at this juncture, are saying ‘not yet’.
Maintaining short (not advice, not a recommendation) via DUST … which is now in the green.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
The Danger Point®, trade mark: No. 6,505,279