Instead of reversal in the overnight, gold went higher.
Keeping with the potential down-trend theme, we’ll pull out to the next larger time-frame; the weekly.
The 23.6% retrace level, is approximately 172.60 – 172. 70, when measured on the weekly chart. Pre-market action in GLD (as of 8:55 a.m. EST) is at 172.40 – 172.60 range.
So, we’re there.
This is a good example of price action coming back to test wide, high-volume areas such as posted last week. It’s what markets do.
From a trading standpoint, the DUST position could be stopped out if price action remains at this level to the open.
Not a problem. Every trading action results in creating another data point for a future entry.
Moving on to Biotech (IBB):
Using LABD (3X Inverse IBB) as the high-volume proxy, it’s oscillating in a narrow range and essentially unchanged.
Separately, David Quintieri at the Money GPS, comments here, that he’s being chided for not giving financial advice and not indicating which stocks to buy.
In addition, Steven Van Metre, in this report states the Dollar and 30-Year Bonds are shorted to unbelievable, historic extremes.
He also states that ‘when the market finally reverses, it’s going to be violent.’
The wipe-out, when it comes will likely be on several fronts.
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 the trend is in-effect as shown, GLD could reverse tomorrow or in the overnight session.
The senior miners (GDX) stalled during today’s session. Price action is still at the Fibonacci 23.6%, retrace level.
To help clarify the firm’s positions, the following detail is provided as a courtesy only.
Several accounts are being managed. Currently there are two open positions in separate accounts (not advice, not a recommendation):
Managed Accounts
Detail Position Stop
Short GDX DUST 20.44
Short IBB BIS 25.46
Everyone has their own style. Ours adheres to tenets laid down by three market masters from the early 1900s. Detail on those criteria can be found here.
One of the reasons for choosing Livermore, Wyckoff and Loeb, is that no evidence exists these individuals were part of any full scale corruption or being the lap-dog for the globalist elite.
That statement is the complete opposite of what we have today. At this stage, the corruption and lap-doggery should be obvious to all.
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.
Bonds (TLT) were hit hard during the last session. Are higher rates ahead?
The short answer is no … if the test shown in the TLT chart holds.
What we have is typical market action at a significant reversal.
Putting it in perspective, the push below support (blue line) lasted a full three days before reversing higher.
Then we have twelve days of upward recovery until yesterday. Price action was slammed -1.57%.
It might look like we’re headed back to lower bond prices and higher rates; in effect, what we really have is a test of the reversal.
You can almost feel it. A major event is near.
The equity markets at all time highs … extremes of ‘retail’ participation never seen before.
Couple that with the largest-ever short position in the bond market (about to get squeezed).
The dollar’s at the bottom of its trading range … gold already heading lower.
The sense is a major market reversal is very near. It’s probably already happening but just not obvious enough … yet.
We’re not going long the bond market but rather going short other markets.
Most of the short position in DUST was exited during the last session when price action came back to the intra day highs. The potential squeeze got a reprieve at least for the day.
It’s important to note, yesterday’s GDX move went to a near exact Fibonacci retrace of 23.6%. The down-trend could proceed at any time.
Separately, a short was entered in the biotech sector via BIS (not advice, not a recommendation).
Pre-market activity (as of 9:02 a.m. EST) for IBB indicates a lower open with BIS correspondingly higher.
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.
Pre-market activity shows IBB near 147.00, just 3-points away from the 150, target and right at the high set on July 20th, this year.
If IBB reaches that target (this week), it would automatically set-up a bearish divergence on the weekly chart.
That divergence would be on both the MACD lines and the histogram … a rare occurrence.
It’s not an automatic short entry (via BIS). It’s a low risk area that’s important to watch.
In other markets, gold (GLD) has rebounded, up about 2% in the pre-market. However, price action remains in a congestion area of both resistance and support between 165 – 170.
The miners GDX are up as well and also hitting the underside of resistance.
In addition for GDX, the 35.80 – 35.90 area is a 23.6% Fibonacci retrace for the entire down move that started on August 5th this year.
From a trading perspective, we’re short the sector (not a recommendation, not advice) and have a stop in DUST that is likely to be hit at the open.
If this action in GLD and GDX is just short-covering, we’ll know fairly soon. Under such conditions, price action begins to erode quickly as the shorts cover and the bulls are too weak to keep prices higher.
The short (DUST) position may be re-established (not advice, not a recommendation) during this session or following ones.
The bearish assessment of the mining index (and gold) has not changed. Gold and the miners may be leading the way down as reported here.
The market will do everything in its power to make sure it throws off and frustrates as many bulls/bears as possible.
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 of 10:26 a.m. EST, price action in the miners, GDX is exhibiting the characteristics of a short squeeze.
A gap-up open that’s quickly eroding.
Trading was in a narrow range for thirty minutes between 35.50 – 35.70, before breaking lower.
As long as the high of 35.83, for GDX is not challenged, the squeeze may be over … that fast.
If so, and GDX closes lower than yesterday, it would indicate a high probability for a swift, decisive move to much lower levels..
The firm’s own position in DUST had a stop at 21.19. In a discretionary move, based on price action itself, the short position (not advice, not a recommendation) is being maintained
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 the market (S&P, Dow, NASDAQ) opens lower tomorrow, Friday and continues decisively lower, we might add Tuesday, November 24th, 2020, as another empirical data-point for Holiday Turns.”
Well, it looks like the market waited one additional day to make its turn. For the Dow 30, last Tuesday the 24th, was indeed a high.
We’ll see how far this one goes. It’s a high but whether or not it’s THE high is not known.
Given the market conditions being reported on this site, long positions look tenuous indeed (not advice, not a recommendation).
The ever helpful, knowledgeable financial media says ‘it’s the best month since 1987’. No elaboration on that one is necessary.
The takeaway is, understanding that market pivots tend to occur during a holiday week … when no one is looking.
In other markets, gold (GLD) continues lower and is attempting to take the miners (GDX) down as well; currently oscillating near unchanged.
Biotech pushes into its breakout but at this juncture (11:53 a.m. EST), it looks weak and may not have energy to get to a new all time high.
It should be obvious the manipulators are hard at it … attempting to get the sector (IBB) to move high enough for gains on the long side, then turn around and establish low risk short positions.
Wyckoff noted that under such conditions (exit longs, enter shorts), daily volume will be two-to-three times greater than typical.
Chart of DIA is below … showing reversal since last Tuedsay, the 24th.
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.
… and that’s when the market is going up!!! What’s going to happen when it goes down with the same (or more) velocity?
As GDX continues to deflate with very little upside bias thus far, the short position was increased (not advice) on Wednesday.
The chart shows the current trend-line and the short entries (via DUST).
If we are in a real deflationary event, if gold and GDX are leading the way lower, the expectation is for a steady sustained and relentless decline with few if any upward spikes.
Such downward action has been seen before; especially in the oil markets.
The stop for DUST has not been moved (not advice) and is currently at DUST, 21.19.
A new daily low for GDX will allow the stop in DUST to be moved higher.
If the market (S&P, Dow, NASDAQ) opens lower tomorrow, Friday and continues decisively lower, we might add Tuesday, November 24th, 2020, as another empirical data-point for Holiday Turns.
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.
That’s according to this episode from the Keiser Report.
Before we address that ‘report’, first this:
The video at this link (until it gets removed) is only 3:37 minutes long … but it explains everything.
It’s a well orchestrated script.
How else would every single major corporation have exactly the same advertisements?
Exactly the same; Literally, word-for-word.
So, bitcoin to replace gold? … it’s not even necessary to waste time with an answer. The deeper question is, what’s really going on with gold?
Gold is part of the script as well:
Gold is subdividing lower at this juncture.
One target level from this update puts it around the $1,300-area. By that time and if it gets there, the objective is met.
There will be few-to-none of the original bulls left to buy in … their money gone; used to pay bills, buy food or worse … bitcoin … right in time for a major solar flare to knock out the entire electronic grid.
Listen to the “Report” and how the big names are bandied about. They have the big bucks … you don’t. So, listen to them. They are the elite.
No, they are part of (and always have been) the coordinated effort to subjugate the masses.
It’s just now, there are enough ‘asleep’ with huge numbers of the population flu-shotted, vaccinated, fluoridated, medicated into complete stupidity; or just too afraid of the truth.
It’s not necessary to hide the message. What are you going to do … “elect” someone to change it? Got that one covered.
If you have read this far … yours is a different story. Welcome to reality.
One part of that reality is the markets are a wealth-transfer process which is now in overdrive.
Looking at the daily newsfeeds, it’s obvious (or should be) to the old-timers, the lies and miss-direction have gone to a whole new level.
Wyckoff’s admonition about listening to the news is more true now than a century ago.
Ignoring those news-feeds and focusing on price action, the initial analysis of gold and the miners from late October, was spot on.
The beginning trade in this series was a short position (via JDST) entered on Friday November 6th, when gold was at intermediate highs.
That short was held over a tense weekend.
Going against hundreds of thousands if not millions (on the other side of the trade) is difficult indeed.
Robert Prechter in his writings has detailed how hard it is to override the limbic (herd) system of the brain and operate separate from the crowd; nearly impossible.
By late Sunday – early Monday, gold futures (GCZ20) had collapsed.
The trade was closed out on November 9th, with a solid 13.22% gain.
Recognizing that JDST had more downward bias error than DUST, the next short position was initiated on the senior index (not advice, not a recommendation).
The GDX chart below (expandable version here) shows it’s following Fibonacci projections lower.
It would be nice from a profit stand-point for GDX to reach all the way to the 16-area (blue oval).
Even Steven Van Metre has indicated several times in his reports, this area is his target as well.
After all, who is going to listen to some guy whose wife made his “Like” and “Subscribe” flash-cards from cardboard and sticks?
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 full speed ahead with ‘the speck’… well it’s actually ‘Warp Speed’ ahead, isn’t it?
Just what is the definition of ‘warp speed’?This link defines it as traveling faster than the speed of light.
Therefore, if we’re going faster than light, that light can not expose the darkness, the evil. It’s by design.
19 And this is the condemnation, that light is come into the world, and men loved darkness rather than light, because their deeds were evil.
20 For every one that doeth evil hateth the light, neither cometh to the light, lest his deeds should be reproved.
21 But he that doeth truth cometh to the light, that his deeds may be made manifest, that they are wrought in God.
John 13: 19 – 21
By accessing this site, you’re either ‘awake’, about to become awake, or will run away from this site and the battlefield itself.
We’re not on YouTube, not on BitChute or any other video platform … we’re way down on the censorship food chain.
That’s part of the plan.
Stay out of the corporate arena and below the radar.
It’s easy (and low cost) to force a half-million corporate employees to get tested (with false positive) and then subject them to receive the cure.
Tracking down every individual, doing the same, is more difficult and more importantly, much more expensive.
Remember THX-1138? The cost of capturing THX, exceeded the budget allowed. He escapes to freedom.
That’s a long pre-amble to get to the markets at hand … however, it does provide context.
The markets are part of the battlefield.
How else will wealth be confiscated (as is already happening) so the masses are brought to their knees and forced into submission?
Looking at what’s going on while the Thanksgiving, mask on, mask off, and legal proceedings rage, we have the senior gold miners, GDX.
Steven Van Metre, in his Sunday update mentions the GDX at time stamp 7:40, and the dollar at time stamp 14:50. At this point, their movements are counter cyclical.
Currently, at 11:41 a.m., EST, the senior minors, GDX, have broken lower hard … down -3.81% so far.
At this point, it’s now obvious they are heading lower … and fast.
Unfortunately and probably unwittingly, gold bulls and followers that went all-in, positioning long, were played as the useful idiots.
Sure, gold and the miners (if they aren’t nationalized) will rally. Only, it’s likely the herd won’t be part of it.
They could be wiped out by then … their ‘stacks’ of gold and silver used instead to pay mortgages, service margin calls and to buy (real) food.
It’s by design.
What a brutal environment. That’s for sure.
Looking at the chart of GDX, we see the break lower.
It has made a new daily low and thus our stop in the inverse find DUST (not advice, not a recommendation) is moved up to DUST: 20.31.
Gold and the miners are leading the way down. We have executed Wyckoff analysis correctly by identifying the weakest market; the one most susceptible to move lower (first) in a bear market.
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® 