Finding the edge in analyzing unique market Cycles.
Hi SCYou dont see us breaking that last yellow line of support and go lower for the rest of the week?Thanks!
The market has held quite well around this level for a week now.
The cycles are turning positive and look promising for a much stronger market this week. We're also seeing indications from NDX and RUT already in advance.
Hi SC,What about Gold & Silver?PoG and PoS broke down all support levels and keep plunging.What do you think/expect for PMs this week?Thank you.RB
They have been soft, but I notice that the miners are holding up better over the last few days. This looks promising for a reversal in the metals.
HZU is a buy here...
Hi SCwondering if you have a target for XIV this week? and UVXY?what would they be?Thanks!
A new low for UVXY still looks possible prior to a June run.
Just wondering If you have target for XIV for this week and next week?
I'll be looking for XIV approx $13 next week. That move should start this week.
Wow, these sure don't look like positive cycles to me, lol. That could change tomorrow though.....tomorrow Greece defaults, and the market goes nuts, then realizes that the world hasn't ended and rallies.
LOL SS76I am with you on the overview here...if this is a positive cycle, I must be wearing my glasses upside down.But yes, tomorrow is another day, maybe Greece will not default and the people of Greece will just go home quietly lol, then bang rally with no fear on the market.and on the US front, Ben hint QE, bang rally more.into Facebook IPO.
SC,The cycles say that Gold is ready for a move up this summer while the dollar plunges. What are your thoughts?
I do think Gold should bounce here. I'm going to do in depth updates for Gold soon.
SC, you still expecting 18 dollar silver this year. If so, how can you say a MAJOR low is forming for both metals, and expect 18 dollars?
Yes, Bounce then drop again.
A bounce then a drop again... yet you call it a MAJOR LOW?? Dude, that doesn't make any sense at all.. How can you have a Major LOW, then a crash to 18 dollars?
Fair enough, "short term low" is a much better phrase. I have a new chart coming for Silver.
SC still belive in you..don't get discouraged over a miss...keep on keepin' on...myself woke up to find I was on wrong side in TNA...swapped out premarket $.50 loss/share into UVXY $15.68 and just after close of day sold out AH at $17.08 for a $1.40 share and had 2x shares of TNA because I was humble enough to admit being wrong and do something about it instead of kicking myself all day long watching TNA drop below $51...it's o.k. to be wrong... not o.k. to stay wrong...lesson to us all. keep up your diligent work and keep doing a great job.
Hi Stock,more selling this morning, hope you got out of your TNA or had a stop.Thanks!
SC, it looks as if this is going to play out ok. I think you are right in that June will be the major HVU time.....with Greek re-elections happening then and almost sure default, the market will tank, but will bounce back strong after it. What a great opportunity.In HVI at $8.72
Yes, exactly. For now we are in a whipsaw market. The underlying strength in the market is obvious because despite JPM and Greek gloom the market has held well around 1340. Every time it dips it floats right back up again. It does seem the Greek issues are now delayed into June. We may need to bump along and firm up for another day or two, but the market looks solid.
Hi SS76you bought my shares ^_^.Thanks!
lol, now I wish I waited, no worries though, I'm confident to just hold it now. Limited downside short term.
better get ready for some bandage, cause we going lower it looks like end of day.
Hi Sc,We tapped your bottom white gold trend line this AM at 1550 (POG). Euro is at 1.279 and closing in on 1.265, its bottom trend line back to 2002. USD hit 81 and needs to get to 81.5 to hit its long term upper trend line back to 2002. If Euro/USD don't bounce it is going to get uglier quickly for PM's.Last call for silver and gold bounce, next stop ..........
Thanks Hammerman. Let's see how it reacts to this level.
if we close above 1340, then I think next stop is 1420 in the next 2 weeks. Then kaboom, down to 1280 first week in June.
If we close below 1340, think we may see 1280 sooner than the 1420?
perhaps, but I think 1325 would be the bottom of this drop then..
we will go lower if 1325 is your target...only what 5 points away now...less then the intraday movement...and we only on tuesday...lot of time for carnage to happen
Wow, nice drop all of a sudden...
nothing stopping this train now...maybe QE...
This is an important level. 1326 was my original target for this move off the top. Here we are within 2 points. Let's see how it acts here.
Hi SCIf you knew 1326 will happen, why you sold your UVXY?Thanks!
I had doubts recently that it would reach down here even though my analysis originally suggested that was a target. The reason is that my cycles are already turning positive. I still think it is an overshoot with the market taking it to the extreme.I liked 1404.50 SPX for a short entry on the last high. It overshot that level as well to 1415. Tricky to get the turns just right when the market is whipsawing like this.
Well, if 1326 is your target, we didn’t really overshoot it much yet, does it mean we will go lower then?
I really don't think there is much. There should be a ton of support in this range.
Hi SCconfused, cause you mention up top, you seeing XIV next week at 13$, in order to reach that we will have to beat the previous top level. That would also imply a big bounce in SPY, one that would get pass 1415? That is a huge bounce while we are in a big down trend currently. How you seeing that happening? Looking at your chart at the top, huge resistance at 1365 with the bottom pink line it looks like, not to mention the bottom yellow line resistance now after today drop. Small curiosity, so this week we don’t have that positive energy you seeing anymore?Thanks!
SPX can bounce. XIV at that level does not necessarily imply a move over 1415 though. It is best to look at them independantly.The cycles are positive and I think we'll see that reflected in the market soon.
SC, if this is the result of your positive cycles, I can't wait to see what happens when your NEGATIVE cycles reassert themselves.
Hi SCI think you maybe right about a bounce this week though, just cause facebook IPO is happening near the end of the week, but not sure if it will be a big or small one. But if this bounce is base on facebook IPO, can you imagine if they decide to delay the facebook IPO cause MrMark don’t like how the current market direction is going lol. Thanks!
$TRAN actually closed in the green today.
ZigZag http://tinyurl.com/czzynr3 .. based on that could today have been a short term bottom?What are you seeing here?
Yeah, my thinking is that probably hit for a low and should see a good bounce soon. Larger cycle is still on track for new highs by late September.
I don't think my host was too keen about me calling a low around close today and having it come true!oh well.agree with a short term bottom.mind you, don't sell your house or back up the truck.http://practicalt.blogspot.com/2012/05/if-you-are-bear-ts-can-help-you-find.html
Gold-GerbYou remind me of of Ali and Holmes.......you'll always be Holmes! Give it a break! Gj
A gift for the silver bugs...http://stockcharts.com/h-sc/ui?s=$SILVER&p=D&yr=0&mn=6&dy=0&id=p21798257785
GOLD_GERB are you going long silver here?
good question.No.I see the current area as a place for a pause.one more leg down.low 20's and I'm in.
SC whats your target price for bottom on silver?
This is very close to a short term bottom right now! I expect Silver to bounce back to $30-31 from this area.
JOED.. do you have a daily chart for Silver?We would love to see your input on silver