CLICK ON CHART TO ENLARGE
Despite Gold going to all-time highs, Gold stocks ETF (GDX) has struggled to get above its 2008 highs. For a very short time the ETF did break above line (1), now is not only breaking back below (1), it is taking out short-term support.
Saw your comment in a marketwatch article.
With dollar not going up after the G20 meet, looks like the rally is still on.
My own version of technical analysis is giving me a strong buy signal for DGZ (or DZZ) as well as DEE on the next down day.
What do you think?
Do you think the dollar move is a fluke?
I agree with what you have said about the dollar. I think UUP goes up from here. All emerging market and commodity ETFs should undergo some sort of correction
Is this all a head fake?
It would help a lot if you can point out a support level here. If this is indeed going down, a put spread may be a less expensive way of playing this. Knowing a support level would help immensely.
Thanks for putting this up!
On 10/14 I did a bond post, reflecting that yields were on a 17-year support line (see bonds in the archives) With that in mind the patterns suggested to pick up TBF, the inverse bond fund. 30-yield have created a series of higher lows.
Glad to share my 30-years worth of experience with you and the viewers. More dough….more Pocket change… that is the plans!Glad you are part of the POP (Power Of the Pattern) club!
Appreciate the kind words and viewership.
It is a nice graph anyway . . .
Chris…I read on Zero Hedge that Goldman Sachs is advising clients to frontrun the Fed’s POMO. What do they mean? Are they buying Treasuries? Does UBT show any technical indicators that this might be a good move?
I know this is sort of off the subject but your 30 years of experience has really helped me make some dough so far.