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 Junior Miners GDXJ are still below 56.44, the weekly close.
Recall, at the time of ‘what’s wrong’, it was absolute hyperinflation breakout mania (as the links included, attest).
Now, with mass layoffs and terminations, will the ‘stacking’ public, especially the ones in D.C. and Florida begin selling everything that’s not nailed down? What about the rest of us?
Junior Miners, GDXJ, Daily
For long-time visitors to this site, the chart almost needs no explanation (almost).
Last Friday was decisive; outside-down, on increased volume.
We’re right at support (upper blue line). There could be some upside retrace in the coming week (not advice, not a recommendation).
If so, it’s what happens during that retrace that may give us clues as to the next direction.
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.
Gold’s near all-time highs, silver’s rebounded, testing recent highs; yet Newmont’s at a paltry 23.6%, retrace.
So, you tell me. What’s likely to happen to Newmont, if gold or silver head back lower, even just a little bit?
That dude in the picture, needs to keep on diggin’. 🙂
Wyckoff, In-The-Know
Years ago, Wyckoff told us not to pay any attention to the financial press, the local circus.
However, that does not mean he didn’t know what was going on. He did, and sometimes down to the penny.
We don’t know for sure what’s (really) happening with Newmont and the mining sector but among other things, it might have something to do with this, this, and this.
Even so, price action’s the truth; let’s look at our chief cook and bottle washer’s progress since the last update.
Newmont Mining NEM, Weekly
The chart has expanded the Force Index (middle panel) for better clarity.
Going back to the last update, it had this to say:
“A reasonable expectation is NEM, retraces, testing the wide bar and volume before continuing to the downside or moving back higher to a breakout.”
Price action has done exactly that. It came down to test the wide (4/25/24) bar and then back up to resistance, where we are now.
The only thing missing at this point, is the breakout or reversal (not advice, not a recommendation).
Show Me, The Money
Anyone with two Latte’s rubbing together, knows the economy may (already) be in full-blown collapse.
Anecdotal (and factual) evidence of that can be found here, here and here.
Adding, Nemont itself is not doing well as evidenced by this recent (February) article about dividend cuts, asset sales.
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.
YouTube content creators have noticed the public’s inability, refusal, and denial to recognize (or accept) the truth:
Michael Bordenaro; ‘everybody’s so weak, so sensitive, they can’t handle the facts.’
Patera, Appalachia’s Homestead; discussing her lineage (Cherokee) and history, seeing the similarities of today, applying the lessons; some are more concerned about her hair and makeup.
Then, Uneducated Economist; ‘no amount of wishing is going to bring events back to the way it was. It’s effectively a new construct.’
Interest Rate Ruse
The 40-year bull market in bonds is over; rates are not going lower, they’re going higher (not advice, not a recommendation).
Ignoring or refusing to recognize this (highly probable) truth when analyzing markets, is a potential strategic error.
The longer the ruse goes on, the more violent the reaction may be when the masses (finally) ‘awake’.
All of which brings us to biotech, XBI, SPBIO, $SPSIBI.
Biotech Truth
Truth about biotech is brutal; described here, here and here.
Exactly how this will all hit the mainstream in force, is unknown. However, let’s not forget, ‘when price action goes south, bad news comes out’.
Biotech XBI, Daily
Heading south at this point, is biotech XBI.
Market test of the Wyckoff up-thrust (reversal) appears complete; previously discussed here, here and here.
As of 1:40 p.m., EST, XBI is trading back into congestion (92 – 96) and looks to have formed a trading channel.
Left channel contact line shown as No. 1, is supported by this post, potential long-term reversal.
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® 