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Well, you know the story. I don't usually plan on doing a Friday report. Thursdays report can usually cover what could happen on both Thursday and Friday. We are specifically focused on Gold & Miners , so we should discuss that area a bit before the weekend. Let's start with the $USD.
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USD Oct 26 - Would the dollar drop into its Daily Cycle Low, or would the 10sma act as suppport? It is overdue to dip down.
USD Oct 27 - It DID use the 10sma as support so far. This Daily cycle rise is longer than normal.
Read MoreAt this point in time, we should discuss lines in the sand for protective purposes. First, a quick market review.
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SPX - No Change at this point. I see a failed daily cycle and weakness so far.
Lets take a look at the USD ...
Read MoreThis report is all about How the internet works, and Gold, Silver and Miners.
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This is how the internet works...
GDX - This was from my weekend report, and I showed how the 10sma could be tagged by GDX and the drop would back test the trend line. Totally normal, so we were ready.
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GDX MONDAY - When it actually happened, this was exactly what we knew should happen. Well, the internet lit up with Bearish chatter. I was hearing that Gold was about to get crushed, Miners were 'crashing' , and the USD was rallying! T-H-A-T is how the internet works now, fear breeds fear. Is this soooooo bad?
Well lets discuss Tuesday and see ...
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