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This morning when I started recording (7:30 A.M. Eastern) GOLD was down almost $10 and $Silver was down over 30 cents ...they have since recovered after 8:30. Whether that holds or maybe we sell off later, this report is likely still valid, so I am posting it even though they recovered. Below is the original report .
( For the recording link below ...It is best to
1. right click over the link and open in a new tab. 2. In that nw tab, you'll see "Download", click that 3. your options to 'save' or 'open'...just click open and it will play automatically
go back to this website and follow along. IF You arent good with computers, you can just read what I have written.
Right Click here for the AUDIO CLIP
GOLD - Gold was down $10 in Pre-Mkt and I visited message boards . I kept hearing all over Yahoo, Kitco, etc " Here we go, another slam down", but We are not even at the 10 or 20 sma, and we could be testing out magenta trend-line. So selling today would not be bad...look back at MAY and DEC. During those runs, we often dropped to the 10 & 20sma on the way up.
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Sometimes a move like that can just "Run the stops" set at those levels to "Shake out" weak hands. If THAT was the case, you would expect SILVER to do more than just "Back test" that broken floor. Look at my next chart of Silver Below...
Read MoreOCT 10 Midday Sold Partial position in APT, liberal stop set on the rest .
I dont usually post my “Sells” , I leave it to the reader to trade at their own risk / reward formula. I just wanted to point out that THIS is now extended 150% above the 50sma, since it went up over 100% in just this week. It is possible that It may just go sideways for a while and allow moving averages to catch up ( like VIMC did when I sold that), but taking some money off of the table is usually wise here.
Yes – VIMC has dropped & moved sideways to the 13 & the 20sma in the past couple of weeks, holding up well. It is actually there now, so it’s even a tad higher now than where I sold it! Holding may have been ok for that one , but who can tell? locking in at least partial profits is prudent when they get this overdone. Look at DGLY , for example.
OCT 10
—Have you ever been skating on ice and suddenly you notice a big crack? How about a HUGE CRACK?
We may want to keep that PANIC BUTTON handy. THIS just raised its ugly head.
CAUTION WARRANTED!
Let me put it this way, I am watching closely and the CNBC TOPIC is "Is this more than a normal correction? Or Is this going to be a Panic Sell off?
When everyone expects it before it happens, and FEAR is everywhere, they are usually wrong. The best way to follow it is....TO THE CHARTS!!
QQQ still looks strong. This is NOT a chart of Weakness (So Far)
Despite the cries of things getting scary - The QQQ on this next chart looks like every other correction before a strong rally
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As you can see, GDX and GDXJ have pulled back to very 'RED' for the day
- But they are only about 1/2 way into that move off of Lows yesterday, almost a "Test" of the top of a cup.
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And look at this chart below!
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And talk about BEARISH - Metals & Miners were going to $800 to $1000 within a month. I have been mentioning that I expect those MEANINGFUL Lows to come anytime now, and for several reasons. Yes, Selling could continue later, but I feel that we are at an exhaustion point in both Cycle "Timing" and other areas. But wait- What report? I didnt post a report this morning, did I? ...
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