More of the Same

If you enjoyed Wednesday, you really enjoyed yesterday’s algo-driven meltup too. VIX, USDJPY and CL engineered a striking recovery and reversal.  ES put in a low which should help define a rising channel, then rallied strongly into the close. The recovery was driven by VIX, which suddenly collapsed down through the red TL and SMA5 … continue reading →

Update on Gold: Dec 26, 2018

Back on August 15, we noted that gold was nearing an important downside target.  From Charts I’m Watching: Aug 15, 2018: [Gold] has reached triple support –the .618, yellow TL off the 2011 highs, and the red TL from 2010.  We’ve targeted 1173.60 since the yellow TL broke down in May and gray channel broke … continue reading →

The True Price of Oil

As enjoyable as it is filling up the Family Truckster for only $2.36/gallon, what if it meant the the death of thousands of Kurds?  Here’s what we know. For months, OPEC ignored Trump’s demands to bring down the price of oil.  Trump was correctly concerned that spiking oil prices would push inflation to new highs … continue reading →

Throwing the Game?

Watching this administration operate the markets, I sometimes get the feeling they’re trying to throw the game.  Witness Mnuchin’s bizarre announcement that everything is fine, there are no liquidity issues, I’m going to convene the PPT just for the heck of it. It’s akin to bursting into a crowded theater and screaming “don’t worry, there’s … continue reading →