sp'60min
Summary
So, we're set to see some upside follow through from yesterday. Overnight China declines are clearly a problem, but if Oil can push a little higher today, then the market should hold together into early next week.
To me, it is merely a case of whether we max out in the 1970s, or 1990s. Sustained action >2K looks out of range.
early movers...
TVIX -3.5% @ $7.60s... that is $4.20 below the Monday high. A horrific fall indeed, but it sure makes for a better buying level.
AA +1.5%... dead cat bounce
FCX +1.9%.... as above.
TWTR +1.2% @ $19.85.... the mid/low teens look due by May/June.
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Update from Oscar
I realise Oscar annoys some of you, but still... a good oil call IS a good oil call.
*I find it amusing Oscar, and so many out there don't like to say they 'predict' things.
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Doomer chat... Hunter with Hoffman
I'm highly inclined to go on a long rant about what is said in this latest gold bug promo, but suffice to say, its pretty bizarre viewing.
Hoffman sure does throw a lot of deflationary talk around, and yet still holds to higher Gold/Silver prices. The fact he cites Mr Harvey (Gold could be 5K within 3 months) Organ, with a straight face... incredible! Then there is the the old 'cartel' argument, the same old crap gold bugs been touting for decades.
After almost five years of declines, the Gold/Silver bugs are still in denial... they've learnt nothing, and yet at the same time, many of them still look at themselves as traders, or even economists.
*yes, Hoffman looks like the reaper ain't far off, and frankly, it doesn't look like he'll live long enough to see Gold make it back to the 2011 high of $1923.70.
I have long touted that one of the indirect signals for a Gold//Silver price floor will be some of the Gold bugs to 'disappear'... along with their websites. Capitulation IS coming in gold bug land. It won't be pretty... but its necessary.
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Overnight Asia action....
Japan +2.9% @ 17700s
China, -2.4% @ 2949... unravelling into the close.... as 3K is closed under... and the 2500s are on their way.
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Have a good Wednesday