Palladium, getting traction in a up channel, and breaking out of a MASSIVE Inverted Head and Shoulders pattern. Target 1100. Consider buying physical Canadian Maples.
Tim Knight of Slope of Hope famously coined the "Oh this is Silly" OTIS, when markets just get, well, silly.
Look at this back to back days of massive spikes up and down on silver futures.
what do you think about ES after that Friday reversal? I have a hard time thinking this just goes to 1800. It did just touch 1736 after all. IMO some more back and forth maybe a new all time high but this still should be back in 1600s soon enough.
ReplyDeleteNot sure about palladium/platinum as car sales help but they are all financed by ZIRP sub prime loans. IMO gold dips to be bought here on out for sure. I dare them to take it down lower and expose the inventory shortages. Have a hard time seeing how gold could go lower than say 900.
palladium has a very long exposed wick from 630 to 658 on the weekly. Those wicks at the time are bullish but chart history seems to show that those long wicks get retested eventually.
ReplyDeleteI think the same plan is still in action, 1700 zone
ReplyDeleteI was perusing some gold or silver buy on Friday, but was busy on other tasks.
I doubt it just zips down from here on ES after that face ripping short squeeze, but it matters that it went down to 1636 in between getting back into this 1665 area it's been in for awhile.
ReplyDeleterough day for a short like me with my SPXU position. I think there's a chance 1780s ES hold on though as resistance. Still a ton of unfinished business below, but can't rule out a final parabolic rally towards mid 1800s to 1900.
ReplyDeleteyeah, brutal, It looked liked organic strong buying today. Keep in mind Friday is expiry.
ReplyDeletethanks for the heads up on that. I'm better at trading crude oil ETFs UCO and SCO. just thought I'd get a scalp on this ETF as a play on the sp500 but got steamrolled. 1787 is my stop loss, on the ES.
ReplyDelete