The bearish pattern shown makes clear where December Gold is headed, and the weight of it looks too great to suggest that any other outcome is possible. With the stock market eking out new record highs each day, interest in bullion is on the wane. However, although gold (and silver) may act dispirited, there is little technical evidence of an impending rout. For that reason, I would encourage you to bottom-fish aggressively at the 1257.70 target, albeit with a very tight stop-loss.
Friday, August 22, 2014
‘Lunatic’ Stocks a Drag on the Broad Averages
– Posted in: Free Rick's PicksThe broad averages ratcheted their way to marginal new highs yesterday, but the lunatic stocks --Priceline, Netflix, Google, Tesla et al. -- were a noticeable drag. Which will win the tug of war as the week ends? My guess is that the weakness of the latter will pacify short-covering bears, at least for the moment, restraining the stock market from making significant gains. Watch for an overly ambitious opening bar in the Dow and S&Ps, since it could be setting up a bull trap.
