INTC: Coulda Seen it Coming

If you knew absolutely nothing about the company Intel, but knew just the basics of chart patterns and Fibonacci patterns, today’s sharp pullback would have come as no surprise. In fact, you could say the same thing about the past 25 years. Note that 69.29 was only 75 cents away from an 88.6% retracement (a … continue reading →

Q4 GDP Beats

Q4 advanced GDP came in at 3.3% annualized versus 2.0% estimates and full year 2023’s 2.5%. The PCE price index and durable goods orders came in as expected, though durable goods ex-transportation came in sharply higher than estimates.  The numbers… Futures had already bounced at the rising white channel midline, but extended their gains after … continue reading →

Update on Gold and Silver: Jan 24, 2024

In last month’s update on gold and silver [see: Dec 5 Update] we noted that gold and silver had reached our mid-October targets. We forecast that silver would likely drop to its 200-day moving average and continue dropping to backtest two significant trend lines at 22. It reached 22.04 on Monday before and has bounced … continue reading →

Charts I’m Watching: Jan 22, 2024

Futures rose to fresh highs overnight on algo action. Currencies, commodities and VIX all remain in position to aid this rally – as long as the bevy of earnings due out this week complies. continued for members… … continue reading →

Charts I’m Watching: Jan 19, 2024

Keep an eye on home sales, due out at 10am ET. Shelter has been one of the more problematic categories of inflation for the Fed, showing a 6.2% annual increase in December. Without a doubt, it remains the biggest impediment to getting inflation back down to 2%. Like yesterday, the overnight ramp has faded as … continue reading →

A Look Ahead at 2024

To quote the great Yogi Berra, “it’s tough to make predictions, especially about the future.” But, there are a number of important themes that should drive markets in 2024. The elephants in the forecasting room are the so-called Magnificent Seven (AAPL, GOOGL, MSFT, AMZN, META, TSLA and NVDA) which soared 105% in 2023 versus the … continue reading →