Sunday metals pre-game, 6/16 [update] 2013

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Sunday metals pre-game, 6/16 [update] 2013

Post by Admin on Sun Sep 15, 2013 1:51 am

2013 2013 2013 <a href="http://4.bp.blogspot.com/-Ls1crDlkAng/Ub3cW_NK5AI/AAAAAAAACvs/-qDUb375uAs/s1600/1tarsier-1.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://4.bp.blogspot.com/-Ls1crDlkAng/Ub3cW_NK5AI/AAAAAAAACvs/-qDUb375uAs/s1600/1tarsier-1.png"></a>Gotta be honest - I still can't get a read on these markets, so I'm still not playing.  Yes, we're near long term support, not only in dollars but in euros (see below), so in the past I'd be aggressively long here, no doubt. But since the major chart damage of April, I'm not at all confident any trends or support lines of the past decade matter that much.<br><br>I *am*convinced that until GDXJ (down 4.5% this week) and its ratios start to recover, any bullishness is simply unwarranted, so I'll keep watching those charts. I found it encouraging that Mish Shedlock is bullish on the miners (see &quot;<a href="http://globaleconomicanalysis.blogspot.com/2013/06/mish-buys-basket-of-miners.html">Mish buys a basket of miners</a>&quot;), as he's no permabull or metalstard, but a cautious and savvy investor (and a damn good commentator on the passing scene).<br><br>So here's the euro gold chart, daily and weekly:<br><div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-NMDRodAnS_w/Ub3cW2fOCUI/AAAAAAAACv4/5HDfv2Hv5Go/s1600/Screen+shot+2013-06-16+at+11.19.41+AM.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="192" src="http://2.bp.blogspot.com/-NMDRodAnS_w/Ub3cW2fOCUI/AAAAAAAACv4/5HDfv2Hv5Go/s320/Screen+shot+2013-06-16+at+11.19.41+AM.png" width="320"></a></div><div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-_HwswGML-gw/Ub3fOji2bOI/AAAAAAAACwo/hs3eIg9RUYY/s1600/Screen+shot+2013-06-16+at+11.21.53+AM.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="142" src="http://1.bp.blogspot.com/-_HwswGML-gw/Ub3fOji2bOI/AAAAAAAACwo/hs3eIg9RUYY/s320/Screen+shot+2013-06-16+at+11.21.53+AM.png" width="320"></a></div><br><div class="separator" style="clear: both; text-align: center;"></div><a href="http://screwtapefiles.blogspot.com/2013/06/sunday-metals-pre-game-616.html#more">Read more »</a><div class="blogger-post-footer"><p></p></div><br> 2013 2013 2013 <br><a href="http://4.bp.blogspot.com/-Ls1crDlkAng/Ub3cW_NK5AI/AAAAAAAACvs/-qDUb375uAs/s1600/1tarsier-1.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://4.bp.blogspot.com/-Ls1crDlkAng/Ub3cW_NK5AI/AAAAAAAACvs/-qDUb375uAs/s1600/1tarsier-1.png"></a>Gotta be honest - I still can't get a read on these markets, so I'm still not playing.  Yes, we're near long term support, not only in dollars but in euros (see below), so in the past I'd be aggressively long here, no doubt. But since the major chart damage of April, I'm not at all confident any trends or support lines of the past decade matter that much.<br><br>I *am*convinced that until GDXJ (down 4.5% this week) and its ratios start to recover, any bullishness is simply unwarranted, so I'll keep watching those charts. I found it encouraging that Mish Shedlock is bullish on the miners (see &quot;<a href="http://globaleconomicanalysis.blogspot.com/2013/06/mish-buys-basket-of-miners.html">Mish buys a basket of miners</a>&quot;), as he's no permabull or metalstard, but a cautious and savvy investor (and a damn good commentator on the passing scene).<br><br>So here's the euro gold chart, daily and weekly:<br><div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-NMDRodAnS_w/Ub3cW2fOCUI/AAAAAAAACv4/5HDfv2Hv5Go/s1600/Screen+shot+2013-06-16+at+11.19.41+AM.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="192" src="http://2.bp.blogspot.com/-NMDRodAnS_w/Ub3cW2fOCUI/AAAAAAAACv4/5HDfv2Hv5Go/s320/Screen+shot+2013-06-16+at+11.19.41+AM.png" width="320"></a></div><div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-_HwswGML-gw/Ub3fOji2bOI/AAAAAAAACwo/hs3eIg9RUYY/s1600/Screen+shot+2013-06-16+at+11.21.53+AM.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="142" src="http://1.bp.blogspot.com/-_HwswGML-gw/Ub3fOji2bOI/AAAAAAAACwo/hs3eIg9RUYY/s320/Screen+shot+2013-06-16+at+11.21.53+AM.png" width="320"></a></div><br><div class="separator" style="clear: both; text-align: center;"></div><a href="http://screwtapefiles.blogspot.com/2013/06/sunday-metals-pre-game-616.html#more">Read more »</a><div class="blogger-post-footer"><p></p></div><br>2013 2013 2013 <br> <a href="http://www.matrixar.com/" title="Matrix ">المصفوفة : أجمل الخلفيات والصور</a>

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