With silver bars being flown to the London Metal Exchange (here) and old-timers saying they’ve ‘never seen anything like it’, it’s possible, just possible, we’ve reached euphoria (not advice, not a recommendation).
Well, that was until last week’s breakdown.
Has it all-of-a-sudden moved to anxiety; saying it’s just a ‘healthy’ pull-back?
Pull-back or not, the chart of ETF tracking fund SLV, shows a nascent trend-line … down.
Silver ETF, SLV, Daily
There’s also a possible channel.
We may find out as early as tomorrow night, when Sunday futures open, if the above potential(s) are in effect.
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.
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.
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.
While all the focus was on them, back at the ranch, the SOXX reached another top.
Last time we looked, the index had an apparent Fibonacci count that has since been negated.
Robert Prechter said it himself decades ago, ‘price action form is first, then time’.
The SOXX then went on to post a new all-time high.
Semiconductors SOXX, Daily
Note yesterday’s bar posted a new daily low after the all-time high.
As the SOXX, oscillated in a narrow range, it became apparent we may be at a significant inflection; three separate shorts were opened, combined into one position as shown (not advice, not a recommendation).
Pre-market action (7:55 a.m., EST), shows the SOXX trading at 288.09, below yesterday’s low of 289.22.
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 section at left, shows the bank (KRE) rebound from last Thursday’s sell-off, losing steam.
In the early part of this interview with Ed Dowd, he states the banks are ‘rolling over’ as a result of a ‘toxic brew’ of economic conditions (not advice, not a recommendation).
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.
It’s not really the morning after but being the day after Friday’s action, we’ll call it even.
Two shorts closed and three opened.
Both the XLF, and UBER, shorts were closed; one with profit, one not. Then, three more opened (not advice, not a recommendation).
As stated in the comments on this previous post, it’s possible the banking index KRE, is not going to make it to Fibonacci Day 34, this Wednesday.
Time counts are always secondary to price action.
Next up, is the silver market.
It’s a no-brainer that something’s ready to break. The press and YouTubers, et al., would have you believe that were finally ‘putting it to the man’. The ‘paper manipulation’ is over, so it goes.
Mabe that’s right this time around.
However, I’ll stick with the market-makers that have been in control since the buttonwood tree. 🙂
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.
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.
What if there’s not enough money in the coffers, for a bank bail-out?
Last week’s chaos is still in the ‘next shoe-to-drop’, stage:
Auto Loan Delinquencies Surge 50% As Cracks Deepen Across U.S. Credit Markets, link here.
The Bizarre Bankruptcy At The Heart Of This Week’s Regional Bank Meltdown, link here.
“This Is Crazy”: Goldman Stunned By Regional Bank Meltdown; Its Clients Demand Answers To These 3 Questions, link here.
Wyckoff Had The Edge
The market itself told us ahead of time, something’s up.
The top in XLF, identified here. On the heels of that, literally hours before the Dow melt-down, this post.
Note: The Dow post even suggested potential action:
“From a Wyckoff analysis standpoint, it’s all there; a push through resistance to all-time highs, a struggle, then new daily low and now today, a possible upside test.”
The Dow pushed higher in the first fifteen-minutes of trade and then collapsed.
Focus Amidst The Chaos
The analysis links above are a reminder; as the chaos increases, focus is to remain on price action itself.
Let the market tell us its (own) next probable direction.
All of which brings us to the chart.
Financial Sector XLF, Daily
The zoom area shows at least three contact points on a possible trendline (Wed, Thu, Fri).
Short position XLF-25-08, entered early on Thursday, and pyramided late on Friday (not advice, not a recommendation).
Expectations, Next Week
Obviously, the expectation is for continued downside. We’ll probably know late on Sunday, if that’s likely to happen.
The XLF is labeled as EXTO (extended trading hours) eligible. If there’s even a hint of (sustained) upside pressure, the exit may come as early as Sunday night (not advice, not a recommendation)
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.
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.
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® 