reluctantplumber

reluctantplumber

We can see the resistance clearly on this weekly chart and now we see Gold caught between the two dashed resistance lines. Per my previous post I am of the opinion SPX will see pressure over the comming weeks which should help Gold. Powell has stated he will do as needed to keep the expansion alive, he will be late and playing catch up...

reluctantplumber

So still looking for SPX to make it back to the Red resistance or even the bottom of the old black channel - but thats all folks - Fed is willing to do what it takes to maintain the expansion. However, now it seems they will be late to the party. They always are... In my humble opinion SPX will get close to 3000 but it will not make it this year. Look for the...

reluctantplumber

So its been a nice little run since we decided to get long. I will take some profit today and watch for the right shoulder.

reluctantplumber Updated 

A whole lot of politics around the black Gold, but I think its due for at least a test of the cloud. Getting much south of 62 could see us in the low 50's by early summer.

reluctantplumber

Oil has had a nice correction from where we knew it needed a break, downside is getting limited now. Time to start adding with low leverage and lots of patience.

reluctantplumber

So when the Central Bank says they will act as needed to "sustain the expansion" I think you must act in kind. The game is owned by the banks we are only players. Lets get long at least until the red resistance....

reluctantplumber

So I wanted to proclaim this from the mountain top. Chairman powell delivered a slow poision to Gold today. He has removed a substantial amount of fear from the market with his latest comments. Some may view it as even getting behind Potus for the Trade war market back-stop. The biggest diver for Gold is fear, it may benifit from a lower dollar or lower rates if...

reluctantplumber

So a zoom of this chart reveals that we have not quite contacted that old top red diagonal. For me, its close enough, I'll be watching on the sidelines. Maybe we will get another 30 points, but I think that big-ol wedge ends badly. Its a monthly - so you may need to mow the grass around me on the sidelines...

reluctantplumber Updated 

The weekly chart appears to be setting up for a second bear flag, I added a little today and hope to be 75% in at the top of the red cloud. April should present some good buying opportunities for the long haul. Look for 1450 before the year is out...

reluctantplumber

Dxy has been battling the 97.5 area for months, breaking through this time could lead to 100

reluctantplumber Updated 

DXY has had a very healthy Bear market rally but there is a smaller blue channel developing withing the big picture. - watch for support at 95.53 - if that level fails, DXY could see sub 90 before year end.

reluctantplumber

Maybe the HUI is not for you, but find a way to own gold or those who dig it out of the ground. Get long and be patient while the the Big Bear runs its course....

reluctantplumber

Mr. Powell will talk us down easy...

reluctantplumber

Buy it back before the second gap gets filled :)

reluctantplumber Updated 

Good chance of government gridlock, or if the Republicans do hold the house, more pro growth policies to come. Buy today and hold for the Santa rally.

reluctantplumber Updated 

First round of short covering has begun - Record shorts were in on this cycle - I expect they begin frantic buying above 1230

reluctantplumber Updated 

Time to take a little off if you have not done so, the talking heads will continue to pump the market, but what stock would you buy that has a chart like this?

reluctantplumber

S&P will have a difficult time establishing new highs from here. No need to short either, lets just spectate through the November elections.