GLD - sell signal this week.
Bear's Lair
Bear Markets always follow Bull markets and a severe stock market correction is long overdue. Bears Lair will spot, monitor and analyze the stock market correction as it develops.
The past week was surprisingly uneventful. With Friday's quadruple witching day being near comatose.
Silver has been a rock-star in recent months, rocketing higher to dazzling gains. After such a blistering near-vertical ascent, technicians understandably fear this metal has become wildly overbought.
So far this week we have been seeing fear creep in the equities market. This Wednesday we started to see fear (green indicator) reach a level which tells me to start looking for the market to bottoming.
The week past was absolutely perfect for US markets in general as they consolidated the huge gains from the week before. The S&P traded in a narrow range at an important horizontal level and is resting.
Earlier this week, the flagship HUI gold-stock index powered up to new all-time record highs.
"Silver is the metal of this decade"
- Eric Sprott on King World News, Nov 2010
- Eric Sprott on King World News, Nov 2010
Over the past 2 weeks we have seen the market sentiment change three times from extreme bullish to bearish and back to bullish as of today. Normally we don't see the herd (average Joe) switch trading directions this quickly.
We appear to be right at a very interesting juncture in the Precious Metals Sector at this time.
Things really couldn't look better for gold and silver both fundamentally and technically - and this is said in the knowledge that there are still a lot of naysayers around - if there weren't we really would have cause to be worrie
Earlier in the week I put out an educational piece showing some historical, as well as current cup and handle formations.
This had been an exiting week for traders as the equities market was on a verge of a major sell off.
In general, 3rd waves in the Precious Metals stock universe tend to be dominated by intermediate producers and soon to be intermediate producers.
As much as I do enjoy some time off there's nothing like getting back to work either, since it's something I love to do.
Last week we had typical pre-holiday light volume trading going into US Thanksgiving.
Eventually all paper money returns to its intrinsic value--worthless. -- Voltaire
We have been proposing the monetization of a silver coin in Mexico since 2001. According to our proposal a one-ounce coin of pure silver, with no engraved value, would be given a monetary value by the Mexican Central Bank.
Two years after the credit-crisis panic in the autumn of 2008, and 21 months after the March 2009 stock market bottom, let's take a look at what's hot and what's not.
Using:
We have been proposing the monetization of a silver coin in Mexico since 2001. According to our proposal a one-ounce coin of pure silver, with no engraved value, would be given a monetary value by the Mexican Central Bank.
Most people are mainly concerned with what is going on right now and are less concerned with what happened yesterday, last week or last year.
Max Keiser is witty, brilliant, entertaining and informative. I also believe that his latest call for $500 silver is wrong.
Overnight Tuesday, selling pressure slammed futures on the ominous news of North Korea shelling a South Korean island.
The backdrop has turned dire on several front simultaneously. The great millstone around the USEconomy's neck continues to drag it down.
The past few months it seems the gold and silver play has been getting a little crowed with everyone wanting to own gold.
Following gold's sharp retreat over the past week or so, traders are wondering how low it will go. Is this metal in a pullback or a correction? The former is a minor and healthy mid-upleg event, a great buying opportunity.
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Gold is perfect for use in coins and jewelry as it does not react with air or water like many other metals.
