How is President Trump doing? With a one being worst and a ten the best.
Total Voters: 36
Loading ...Say Good-Bye to ‘Free Speech’… it’s gone. We live in a mil rule system now. Free speech is now treated as a terrorist attack on critical infrastructure. Tucker interviews Mike Benz in this mind-boggling expose’ of how our system just got inverted on itself… When Military Rule Supplants Democracy
https://www.zerohedge.com/geopolitical/when-military-rule-supplants-democracy
. . . Rep. Massie Warns About Fed Plan to Electronically Track All U.S. Cattle to Stymie Beef Production
Rep. Massie Warns About Fed Plan to Electronically Track All U.S. Cattle to Stymie Beef Production
This Is Textbook Topping Action: Will Dip Buyers Jump in Monday Morning?
Let’s see if there’s some follow-through to the downside early next week, which may be something of significance.
By James “Rev Shark” DePorre
March 8, 2024 at 4:30 PM EST
That news could have been a good excuse for a strong move, but market participants remained focused on the price momentum generated mostly by the semiconductor sector (SMH) and Nvidia (NVDA). The action was downright frothy on Thursday. It appeared to be a buying capitulation, with some folks deciding they would forego their reticence to chase these names that seem to go up every day.
That looked like a smart decision on Friday morning as the market had a positive reaction to the jobs news, but there was a very sharp intraday reversal that changed the market mood. Nvidia went from a new all-time high of about $974 to a low of $865 very quickly, and many technology names followed with nasty reversals.
The good news is that breadth was just slightly negative, and the mighty Apple (AAPL) finally bounced after a seven-day losing streak. There was a big supply of new 12-month highs also before the reversal hit at mid-morning.
Technically, this is textbook topping action—buying capitulation, followed by a blow-off top and a sharp reversal—but it needs some confirmation before it matters. It could just be another opportunity for dip buyers who love to jump in on Monday morning, but if we see some follow-through to the downside early next week, then it may be something of significance.
The good news is that this is no longer a market that is solely dependent on the Magnificent Seven. There is quite a bit of other activity of interest, and some of the best action is in secondary stocks.
https://www.youtube.com/watch?v=QOtCKeW_gtw
Chlorella is a nutrient-dense freshwater algae. It’s a close cousin to the saltwater-sourced spirulina.
![Good Natured Premium Chlorella Spirulina 1,250 Tablets, Non-GMO, Vegan Organic Capsules, Sunlight Grown, Cracked Cell Wall, High Protein, Heavy Metal Detox]({"https://m.media-amazon.com/images/I/81zU89WzXAL._AC_SY450_.jpg":[450,450],"https://m.media-amazon.com/images/I/81zU89WzXAL._AC_SX425_.jpg":[425,425],"https://m.media-amazon.com/images/I/81zU89WzXAL._AC_SY355_.jpg":[355,355],"https://m.media-amazon.com/images/I/81zU89WzXAL._AC_SX569_.jpg":[569,569],"https://m.media-amazon.com/images/I/81zU89WzXAL._AC_SX466_.jpg":[466,466],"https://m.media-amazon.com/images/I/81zU89WzXAL._AC_SX522_.jpg":[522,522],"https://m.media-amazon.com/images/I/81zU89WzXAL._AC_SX679_.jpg":[679,679]})
Is the gold breakout for real? [SENTIMENT TRADER]
The confirming (or non-confirming, as the case may be) indicators detailed above do not inspire great confidence at the moment.
Key points
- Gold has broken out to a new all-time high (which is one of the most bullish things any security or market can do)
- At the same time, the Gold/SPX Ratio remains mired in a downtrend
- Likewise, gold is still technically in the unfavorable portion of the 8-year cycle
- While the bullish trend retains the benefit of the doubt as long as the price holds above the breakout point, the lack of confirmation may be a cause for concern if the breakout fails to hold
A new all-time high
One unwritten rule in trading is “never fade a new all-time high.” Like most investing “rules,” there are exceptions. But generally speaking, when a security initially breaks out to a new all-time high in price, it is better to go with the trend than to try to fight it.
After trying literally for years to do so, gold recently punched above resistance and traded at a new all-time high price.
What the research tells us…
The oldest adage in trading is “The trend is your friend.” Currently, the trend for gold objectively has to be designated as “favorable.” And with gold at a new all-time high, it may be dangerous to fade the trend. But the other question is, “How confident should we be that the uptrend will continue?” The confirming (or non-confirming, as the case may be) indicators detailed above do not inspire great confidence at the moment. If history is a guide, the current rally for gold may run out of steam. However, that is not a prediction – just words of caution.
Fortunately, the proper course of action for traders looking to play gold is pretty straightforward. As long as the price of gold holds above the recently pierced resistance level, seasonal and cyclical factors should be ignored, and the bullish case should be given the benefit of the doubt. However, if the breakout fails and gold falls below the breakout level, a much more cautious (or even outright bearish) stance might be in order.
Gold Balloon was there. Dusty too. Rob and his son, I’ve forgotten his handle it was Silver something. She says we made signs. Or the days when Irish came and visited SOEE and I at about $600 Gold. Wanka John with his fuzzy slippers. Buy Gold would be stoked. Scruffy would have a rant. We also had Mountain of Gold trying to shake our trees.
Ugly for tech. Probably can bet they’ll try to goose the futures bigly on Monday am.
Really hope the longs in the gold market are strong for a change. Have to think the banks are preparing a 10K contract dump to take gold down hard soon, but what if they don’t? Seems like there was a lot of covering today.
I’ve never seen gold fight back so well from repeated takedown attempts.
Huge battle going on. Will the funds ever win one? If not, they’ll get their clocks cleaned this time around. Interesting though, the banks HAD to dump some of their longs to keep gold from going much higher. I don’t know why anyone plays in the futures market, especially in the pm market.
Have a great weekend everyone!
Check out Gold’s last may’s high at $2057. And take a look at the beating it took by October. Today, Gold is up only 7% above last May’s high.
Silver reverses. Dollar still basically flat.
There actually appears to be short covering in the gold market. Boy, I’d love to see the banksters start to cover those 300K or so shorts.
I must be dreaming again.
Alot of posters that have passed on would be proud. My hands are firmly grasped on the plow.
The Golden Age has arrived.
I think you’re right. Its probably easy for them to hold silver down. Its so cheap, banks and gov’ts won’t buy it, it would take up too much space. We’ll need John Q Public to start hoarding it like the 1970s. Gold up $33 now. at $2198. Silver down .03 cents.
QQQ’s following suit. When they finally pull the plug, it will be epic.
Gold is acting beautifully, I’m stunned by it today. Brilliant.
edit: silver just crossed the positive line. The dollar too, and we’re ignoring it. Unprecedented!
I said it for a long time. The miners follow silver, period. If silver comes back with gold, the miners will respond favorably. I don’t know why it is so, but it is.
What kind on nonsense is that?? Are the scum trying to scare the spot Gold price down by driving gold miners lower?? Or did they prevent or stop gold from going up $22 or more.
$16 Higher now at $2181, its getting very close to blow thru $2200/oz. We will never see sub $2,000 gold again.
They didn’t crash the shares out of the gate as I thought they might, not yet anyway. Let’s see if we can get silver to fight its way back.
My colleagues in the US report that Jerome Powell has firmly pushed back on a CBDC being rolled out in the US anytime soon. pic.twitter.com/fbXnY8a6ZS
— Izabella Kaminska (@izakaminska) March 7, 2024
“joke of a report” Right you are my friend! Anyone who believes those numbers is a complete fool.
Yes, nice see gold stay strong, I’ve thrown away my catfood recipes. 
That was a joke of a report. The headline number is so obviously phony, when you have the unemployment rate rising and the household survey falling.
No doubt it will be revised down bigly, just like January was. There is an unbelievable war on the truth in this country.
All that said, I’m stunned at the resilience of the metals so far this am. A few months ago this would have been completely reversed in a nanosecond, and we just keep fighting back. Don’t know if we can keep it up all day but it is astonishing.
