Wednesday, May 13, 2009

I'll reiterate a potentially important target posted the other day in the chat room: _____. That's a Hidden Pivot, and it is derived from the coordinates shown in the chart. The pattern has several alternative starting points that

Goldman has come within 44 cents of a key peak at 142.00 recorded early last October on the way down. If that number were to be surpassed by even a penny, it would create a fresh bullish

We're trying to spread off four September 10 calls we hold with a cost basis of 0.69, but so far no buyers have taken the bait. Perhaps if we raise the price it will change our luck: Offer four June 10 calls short for 0.70, good till canceled. We are not simply getting greedier

The futures have bounced from a low that fell 1.25 points shy of a ____ midpoint support, hinting that bulls will be in charge in the early going Wednesday. The support will remain viable

Let me add some technical heft to the observation in today's commentary that the Gold Bugs Index looks ready to break out. Specifically, HUI appears bound for a Hidden Pivot target at _____ that lies just above a key September peak. The implication is that we are about to see the creation of the third bullish impulse leg of weekly

The scene at the Hard Assets Investment Conference in New York City looks pretty subdued this year -- an encouraging sign, since it will be time to exit precious metals when this annual event reaches the frothy stage.  For now, though, frothy it is not. I'm told that there are only half as many exhibitors this year as last, continuing a pattern of decline that began a couple of years ago (when, need I remind you, gold quotes were nearly 40 percent lower).  Mining and energy companies with booths at the show were oh-so-eager to chat up anyone who walked by, and at times there were more company reps in the aisles than there were visitors.  I don't mean to suggest that this event was a dud -- only that it reflects the bland consensus on bullion that obtains outside of hard-money circles. Let me repeat myself:  This is quite bullish, to the extent that multitudes of investors yet to be persuaded and who stayed away in droves represent potential demand for nuggets yet to be mined and ingots to be fabricated. I should also say that the conference itself, at the Marriott Marquis, was first-rate in all of its details. The line-up of speakers represents a who's who of the precious metals world, as well as newsmakers from other walks  of life. Harry Markopolos, the guy who tried so hard to rat out Bernie Madoff to the SEC, gave the "Insider's Story."  Jay Taylor, the expert's expert on mining shares, shared his considerable expertise.  And Bob Prechter delivered Monday's keynote: "Using the Wave Principle to Forecast Gold and Silver Prices". Peter Schiff spoke on the collapse of the U.S. bubble economy and what it means  for investors, and Amity Shlaes, author of a superb new book about the Great Depression, shed light on the government's efforts to repair the financial crisis. HUI Near a Breakout There were also presentations by companies both big and small from the world of