yes pump and then dump? @Patterns. we saw hammers on most of the macros in early august on fears fed would keep rates high then the hammers recovered somewhat on realisation fed will lower rates as expected next week will see if hammers get through or not
spx chart a fair reflection of the above point strong hammer down to 5100 from 5700 record high now recovered to 5650. significant that slightly less than previous level? well we will see next week if bursts through or not
if it gets through then i will have to reassess my decision to sell my bluechips at the previous high it has cost loss profits
gold as @DAVE said often leads the way for the commodities. i agree. i call it sequencing
gold still in an uptrend so i may not buy more this week but also not throwing away my holdings on this high even though i expect some profit taking here
copper, iron ore and oil are the ones i am watching for the start of my normal buying period for expected commodity lows in the final quarter ready for a green xmas
normally gives at least 10% per year just on the seasonal trades
yes @snout lyc is another hammered down and now back at old level. $7.10 was the level in may 24 and pretty close now to that recovery level and then see if gets through higher still has 11% shorts on it
last week saw many recover like wds bhp nst and will see if it was just what is called shorts covering for the fed decision or not.
bhp news out next week. should be good.
and @64 your short term gold chart worked nicely
@GJ i saved your post from long ago about posting charts. i thought i had cracked it a week ago with evn and a vanilla chart seemed to work until it botched up once i hit post so i have really given up. no not going back there. i was excited 2 weeks ago about this little run but not worth the hassel. your charts and those of others are clear enough anyway
it is frustrating though. all i can post is that i expect evn to reclaim $4 which it did and then the backtest to hold before next level
doesn't matter but i remain frustrated by my own failings as a ludite so keep it up my friend it falls to you and the others to keep the charts up. i really have given up and i am not posting photos of my old fashioned handdrawn charts
lastly volume. still no real volume to indicate what gets through to next levels. still some elevated volume in copper as expected
this month iron ore on wrong side of $100. will they crack it and then i can look long and hard at bhp and rio here over next quarter as usual
copper wrong side of $4.20 just. same comment but i am more hopeful on copper in the short term
oil had the hammer and hasn't really recovered. could also fall here as per normal. wds beckons and that is that for the quarter been a great ride last quarter and gold and spx been the winners for me
(20min delay)