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The Lunatic Fringe - Trading talk.

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Stock market turned lower. What's the news? The jobs report?

You still have that gap coming off that big red candle in February. I think they need to recock the gun like they have done all the way up. Not ready to bust through just yet. Waiting for Powell to turn off the spigot. :laughing: Ain't gonna happen.
 

dpong

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dpong

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Tesla

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Voodoo

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dpong

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NVDA made a lower high.

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Don't know what to make of Musk other than the fact he has found a way to game the system to the tune of billions. So does $hit like this mark an important top coming or is it really different this time?
 

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PYPL made a lower high.

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dpong

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AAPL close. Structures confirmed broken. @Voodoo

9ToDyhZ0.png
 

dpong

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Now for something completely different.

Weekly chart of Tupperware. Yes, Tupperware. It came up on my stock scanner today.

[I have to admit, I kind of like the chart. I'm 100% invested so I won't buy it. But...]

CR9aoQws.png
 

Goldhedge

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Zed

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Trailing stops on options is extremely challenging. I haven't mastered that one.
You need BIG liquidity to make options safe and then they always seem to be capable of big price resets/gaps. IMO options are for directionless volatility plays not so much for directional plays. Maybe writing covered calls in a bull or covered puts in a bear (skill!), I dunno.... strangle a low vol situation with time in your pocket and wait for vol to inevitably return.... that I like.
 

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I really hate to say it but this still could be a high level consolidation. It seems to me that it is such a short target that some big money just stabilizes it, waits for all the shorts to pile in thinking "this is it" then they squeeze the fucker one more time. The shorts buy back and the kids pile in. It really looks like it is being gamed! I will not blink if this turns out to be a rinse and repeat. Pull the short numbers on it (can you do that in the USA?) and watch for excessive bearishness.... the day that no one shorts it, then that is the top.

TSLA is a bloody pin ball game IMO.
 

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Quick look at my favorite silver miner, first majestic. It put in a perfect "inside day" reversal candlestick pattern today.
Looking across the board, I see some other miners with other similar chart patterns.
I have to say, I've seen worse overbought reading on the indicators, and it does look like there's room to run yet. So I have mixed thoughts on the miners right now. Could go up a bit more, or we could be in for a short term correction. Which way, beats me!
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I wouldn't want to short Tesla. It's like every short squarely lined up to get shot on a pike. Musk is damn smart and about to raise billions is stock for the space program. I don't see it any different for raising money through Tesla stock. (just my opinion)
 

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One strong outside influence not really being discussed is the effect of a crashing stock market on the price of gold and silver. The stock market is looking pretty vulnerable here. I'm surprised it hasn't tumbled yet due to the record coronavirus cases we are experiencing. How much longer will the stock market increase while coronavirus cases continue to accelerate, and states start locking down again?
If the general markets start to plummet again, I would expect them to put some pressure on the metals and miners too. Though not like in march. Perhaps enough pressure to give this bull move in precious metals its correction.
 

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One strong outside influence not really being discussed is the effect of a crashing stock market on the price of gold and silver. The stock market is looking pretty vulnerable here. I'm surprised it hasn't tumbled yet due to the record coronavirus cases we are experiencing. How much longer will the stock market increase while coronavirus cases continue to accelerate, and states start locking down again?
If the general markets start to plummet again, I would expect them to put some pressure on the metals and miners too. Though not like in march. Perhaps enough pressure to give this bull move in precious metals its correction.
Most likely going to correct shortly anyway which would be a good thing. Next time down is likely the last easy break we get to buy. IF this is truly going to be a moonshot the corrections will be fierce.
 

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ASX Gold Tribe ~-2.5% so far today. Discounting a soft weekend with 1:30 left to trade.
 

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Silver July deliveries are @ 15678 with OI now down to 549 for a potential monthly total of 16227

Delivery pressure is easing now, not much left to cover off.
 

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Armstrong seems to think that a temporary high is in for gold, now or next week @ the latest.
 

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Yeah I don't know, I think that the USDX might be breaking to a low now not too far below current levels. IMO it is about ready to put in a bottom, maybe 94 to 93, then we rally.
 

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Gold to Silver ratio. Monthly chart vs. 36 month moving average. The 36 month has acted as both resistance and support. The zero line has now been breached.

[Bullish.]

STFEf8Aj.png
 

dpong

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With 1 week to go to close the month, the monthly DXY chart vs. 36 month moving average is threatening to *close* below the zero line. Bearish the dollar.

[Bullish gold?]

E1SwkB4a.png
 

Zed

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Gold to Silver ratio. Monthly chart vs. 36 month moving average. The 36 month has acted as both resistance and support. The zero line has now been breached.

[Bullish.]

View attachment 173736
Yes, but lets wait until month close.
 

Zed

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With 1 week to go to close the month, the monthly DXY chart vs. 36 month moving average is threatening to *close* below the zero line. Bearish the dollar.

[Bullish gold?]

View attachment 173737
Oversold, needs @ least a bounce.