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Charts from the Lunatic Fringe.

Goldhedge

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Just curious... what can you say about this chart? Due for a correction??

Declining volume

Screen Shot 2019-01-29 at 9.59.40 PM.png
 

jelly

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Should be due for a correction, but you never know with small stocks like this with moves this strong. Could just go sideways for a day or two then chug higher. Or it could go back down to fill the gap. Regardless I sold half of my position, and will buy back if we get a decent pullback in it. Otherwise, I’m moving the money into other quality miners that haven’t moved yet. This was a core position not a trading position for me, so I’m not wanting to sell out completely. I just think it’s getting overheated for now at least.

Just curious... what can you say about this chart? Due for a correction??

Declining volume

View attachment 123193
 

Goldhedge

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It's funny that dip just before was based upon a false news story... manipulation perhaps??

A really quick way to double your money buying at $0.25 and sell on the way up.
 

dpong

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I agree @jelly - these markets are so small right now, I think the Clive Maund article is making the rounds and creating the buzz responsible for this intense rally. Once the buzz passes, who knows what happens? I got burnt by the buzz created by Moriarty and a video from a conference on NOVO Resources. It went up like crazy. Then the buzz passed, and I'm holding the bag. I don't know anything negative about TRX, but I'm afraid the reason for the spike up will soon fade from our collective memories. And the price with it.

[edit]: But WTF do I know?
 

jelly

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I've noticed long dated call options aren't following this rally in the mining shares as sharply as they should over the past few days. They have barely moved over the past few days despite a steady bold rally in the shares. Doesn't seem like a good sign.

Thinking ahead, I think we need some real meat coming out of the fed meeting tomorrow for this gold rally to continue in the short term. Either no more rate hikes, or some sort of real cessation of tightening. This rally has been fueled by mere speculation from a WSJ article. Tomorrow is when speculation meets reality. Should be an important day I think for the short term action in gold.
This is what i mean. Compare the Jan 2020 $20 SLV call options chart vs. the price of SLV. These 12-month call options haven't followed the recent rally in SLV, when they should be shooting the moon right now.
SLVcalls.png
 

louky

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Considering the Feds capitulation today - is seems likely that this negative divergence will be a false signal.
Indeed. Powell desperate. Anything short of QE4 on steriods will be a disappointment for market

POWELL: (on QE4) " when the need for balance sheet growth comes again, there's room to do substantially more".
Verbal ammo gone, act or talk?
 

louky

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miners sliding. Buy the rumor, sell the news?
First reaction is normally wrong....recall 2016 sept fomc gold and miners shooting up post fomc only to get crushed into oblivion. This time could always be the exception of course.
 

jelly

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First reaction is normally wrong....recall 2016 sept fomc gold and miners shooting up post fomc only to get crushed into oblivion. This time could always be the exception of course.
Really not liking the post-fed reversal. Strong rally followed by sell off.

My target for GDXJ was $34 on this rally, but with today's sell off, we might be putting the top in for this rally. Just a short term view. I'm watching $16 silver. If we pull back under 16, then I think we correct for a week or more. But as long as that holds, I think we head higher.
 

savvydon

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Really not liking the post-fed reversal. Strong rally followed by sell off.

My target for GDXJ was $34 on this rally, but with today's sell off, we might be putting the top in for this rally. Just a short term view. I'm watching $16 silver. If we pull back under 16, then I think we correct for a week or more. But as long as that holds, I think we head higher.
Sold half of my GDX June 22 calls today and recouped the price on all of them bought a few weeks ago. Playing with house money now. Will watch price of gold to help me understand when to sell the rest. If we shoot up quickly to the $1350+ area and miners follow I may dump. If we take our time and consolidate I will let things play out a bit.
 

louky

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Allegedly....

No more hikes
No more auto QT schedule
QE4 done deal


1318ish-1322ish is big fib zone of current moves

1318 Close = 76.4% of 1360 to 1184 on a closing basis.

1318 = 76.4% of 2016 High at 1377 to December 2016 low of 1124.

1322 = 76.4% of 1369 to 1167 on an intraday basis
fib resistance fully in tact....yawn
 
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louky

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It's spreading around quicker than people realize because fake US data has you thinking everything is peachy. It's not contained to Turkey, like cnbc telling everyone either. I agree powell will stay the course, but only until stock market breaks, which isn't year away.
He already shifting to panic mode and stocks only went down 20%.
 
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this is a tough market, fb reported blowout quarter and then amzn comes next tomorrow. I wouldn't want to be short in the markets if these stocks motivates the markets higher. The Feds changed sides and fooled just about everyone.
 

louky

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this is a tough market, fb reported blowout quarter and then amzn comes next tomorrow. I wouldn't want to be short in the markets if these stocks motivates the markets higher. The Feds changed sides and fooled just about everyone.
"Blowout quarter" on revised down expectations, super boolish lol
 

louky

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You know how shitty the economy is when people with grossly overpaid jobs are in line at soup kitchens and pawning family heirlooms after missing only two paychecks