From a price action standpoint, we have an outside down weekly bar as well as (potential) monthly reversal.
Despite fever-pitch, ‘the world’s ending’ talk on gold and (supposed) silver breakouts, we’re reminded here (time stamp 3:10) to expect a downward spike in gold should there be (serious) international trouble (not advice, not a recommendation).
Newmont’s the largest cap in the GDX; let’s take a look at the sector.
Senior Miners, GDX, Weekly
GDX, in the same vein as IWM, NVDA, SOXX, SPY, and TLT (to name a few), posting its own terminating wedge.
Noted in the chart, GDX has entered back into the wedge formation after a ‘throw-over’; typically, a bearish sign (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.
As a digression; in Texas, we’re just now coming out of yet another record-breaking cold spell.
That’s two, never before seen record breaking low temp events within the past three years!
How does that fit with the global warming narrative?
Anyone awake knows full well what’s going on … and it’s not global warming.
Who’s On First: NFLX or TGT?
Now that vending machine Carvana (CVNA), is out of the way, who’s next?
Partly as a result of economic decline and partly from the decision to take consumer spending elsewhere, Netflix and Target now appear ready to continue their implosion.
More on their technical chart conditions in the next update.
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.
Not to be outdone, we have this ‘me too’ melt-up article as well.
Let’s not forget, all the ‘Fed must do something’ rumors and feigned concern by its members.
If anyone really wants to know the big picture, the overall plan (a wide majority do not), this interview may be the best explanation to-date.
With all of that, we certainly could get some kind of rally in the coming week. We’ll let the price action speak for itself.
As a reminder, Wyckoff analysis does not concern itself with press releases, rumors or ‘fundamentals’; Wyckoff himself, determined based on price action alone, they have no material effect on market movement.
In his words, ‘other forces are at work’, and it’s those forces that interest us.
Gold & Silver
As said in this update, gold (GLD) was just ‘ticks’ away from posting a new monthly low. In fact, it got just 0.24-pts, from a new low before rebounding.
Of course, each time we get any kind of rally in the metals, there’s the usual hysteria. Even though for the past seven months and counting, those rallies occur at lower and lower levels … i.e., a bear market.
Shown below, it’s in a trading channel with price action at the right-side channel line.
Gold (GLD) Weekly
The chart below gets closer-in.
From left-most contact point on the channel to the initial contact on the right side is a Fibonacci 13-weeks.
Also note, the weekly high posted at the center line is a Fibonacci 5-weeks from the left-most contact.
Highly emotional markets tend to adhere to Fibonacci until either the emotion wears off or ‘everybody’ recognizes the structure.
Obviously, to keep the channel intact, a lower open (and lower action) at the next session is needed.
Looking at the daily chart of TLT below, Friday’s level of (down) volume has occurred only three times in the past three years.
Each time, there was a near immediate rebound or in the case of March 2021, the rebound came several weeks later.
Bonds (TLT) Daily
Moving in closer, we see the possibility of an ‘island-gap’ at the next open.
What could drive capital into the bond market?
Well, how about a ‘shock’ or continued market melt-down (not advice, not a recommendation).
A quick check of the local newsfeed (as of 12:45 p.m., EST) shows nothing on the horizon other than usual nuclear attack threats, power outages, child mutilation protests, marauding bears and the disarmament of Canadians.
Nothing to see here …
Real Estate
There is no mistake, events in real estate are happening at the fastest pace in recorded history.
As Scott Walters put it, over 10-million people bought into the ‘work from home’ hype and got themselves instantly (nearly) upside down in their transaction.
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.
Get injected and we’ll put it all back to ‘normal’.
No. 4
Idiots Suffer More
There’s no joy watching others suffer.
Those of us who just want to ‘wake up others’, want only that; meaning, somehow, you’re able to pull back the veil. They now have eyes to see and ears to hear.
‘The Church’ had its opportunity way back in March of 2020.
That was the time to call on supernatural protection to ward off (what this site calls ‘the speck’ to avoid censorship) any negative effects of what we now know, was a fake enemy.
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.
If you’re a leader, business owner or entrepreneur, dealing with idiots is probably the most frustrating part of running a business.
The leader has an absolutely thankless job most of the time.
However, there are times where being someone that can think, act, and be resistant to the criticisms of the crowd (‘double-jabbed zombies’ as Dr. Vernon Coleman calls them), pays off in spades.
At least we don’t have to put up with being played as we see here.
As we move forward to fall and winter, we’ll find out just how important resisting the peer pressure of the (double-jabbed) crowd may be.
On the practical side, David Knight interviews Catherine Austin Fitts on steps that can be implemented for personal financial and legal protection.
She touches on a subject that’s been covered several times on this site; that is, killing-off your customers is not good for future business.
Stay Tuned
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® 