Loading ...DOW FUTURES OPENED AT 6 PM AND WERE UP ABOUT 120==THEY BEEN SLOWLY ROLLING OVER AND ARE DOWN 72 PTS—I LOVE THAT SEQUENCE BUT THERE IS NOOOO NEED TO POP ANY CHAMPAGNE CORKS YET—FUTURES COULD BE SCREAMING TO THE UPSIDE BY MORNING…Asia is not reflexively following the U.S. market—Asia opened strong but has given up most gains but is still green–THIS IS EXCITING=THE NIKKEI IS UP 63 BUT THAT’S ABOUT 250 PTS OFF ITS HIGH—the Hang Seng is about 270 pts off its high…the STI [SINGAPORE] has plummeted off its high….and Shanghai rolled over and is slightly red…fungers crossedNIKKEIHANG SENG [HONG KONG]SINGAPORESHANGHAI
Sorry gang about the caps but I’m too tired to retype them–interesting action tonigh in u.s.futures and asian markets
Ororeef
“better to run with the wind at your back”
I’m grokking. 🙂
Nothing in the past feels like this, not the Vietnam War, Y2K, Dot.Com bust, real estate crash, 911, etc
Markets disconnect from reality is epic. I am anticipating very bad news at end of second quarter, then a long hot summer with millions who have nothing to do, taking to the streets all summer long. I’ve been through economic downturns about every 10 years since 1970 when Boeing laid off 2/3s of its work force here in Seattle and the billboard went up saying “will the last one leaving Seattle, please turn out the lights”. Nothing in the past feels like this, not the Vietnam War, Y2K, Dot.Com bust, real estate crash, 911, etc. Now, millions of people cannot make a living due to corona virus lock down, bureaucrats who have no knowledge of business set arbitrary rules of business operation, expecting a restaurant to survive at half or less capacity etc. as an example. Shutting down marinas and parks given what we know about the virus seems ludicrous. In my mind the riots are not about the unlawful death of Mr. Floyd but the result of oppression people unconsciously feel over the shut down of their businesses, livelihoods and way of life with no end in sight. His death just became the excuse for rebellion. The Fed propping up the market can only last so long before the giant bubble bursts, when I don’t know, but it will when reality finally rears its ugly head and there is nothing the Fed can do to hide it.
Thanks Oro–nice chart–try this on for size…
Gold and Silver moved lower early on June 2nd and 3rd. Our research team believes this is a “Washout Low” price rotation following a technical pattern that will prompt a much higher rally in precious metals. This type of washout price rotation is fairly common before very big moves after Pennant/Flag formations or just after reaching major price trigger levels. With Gold, a sideways Pennant/Flag formation has been setting up near our GREEN Fibonacci Price Amplitude Resistance Arc. We believe the downward price rotation recently is a perfect setup for skilled technical traders to take advantage of lower entry price levels. The GREEN Fibonacci Price Amplitude Arc will very likely be breached over the next 5 to 10 trading days and the price of Gold should rally well above $1850 in the process. We believe this Washout Rotation is a process of running through the Long Stops just below recent price activity that will end with a defined upside price rally over the next 2 to 5+ weeks.
for 2020 SHORT TERM
Silver has NOT made a TOP YET,GOLD has not made a BOTTOM yet …
WD GANN
had some usefull technics ,like the squaring of TIME and PRICE then change occurs…..Some latter day chartists use to say the top price is the same as the length of time it took to get there ..like a 90 degree carpenters rule..(Right angle) .I also like RENKO charts because they are like point and Figure charts that look at price only to time change of direction ….
ipso facto @ 15:26 on June 3, 2020
Seasonals are usefull for a trend following ,like a BIG picture..them short term charts to hone in on exact dates using stochastics with various dates like 3 day crossovers and 21 day cross over .I like using Fibonacci numbers in averages like 3,8,21,34 ,for a broader time I convert 14,3 stochastics to 144,31 stochastics it give a short term then longer term picture..Seasonals are a starting place only ,better to run with the wind at your back ,then sprint to the finish line..
Thanks for the definition of Gallant
Mr. Copper. I know a great man who graces these pages with this name and it helps me understand him more. He is this exact quality and a great man.
re Dow, SnP, Russ 2000, Naz, etc, general stocks The Players are making a Gallant Endeavour
Hey we all know, if things go too high too fast, its a disappointment, not a good sign. It happened to us too many times on the way to $1700.
Gallant (of a person or their behavior brave; heroic)
Endeavor (an attempt to achieve a goal try hard to do or achieve something)
Indices Chart, 5 years: https://finviz.com/futures_charts.ashx?t=INDICES&p=m1
Note: If the buyers have a secrete or sub conscious desire to lose, they will keep on plowing in more and more funds until prices get really good and high, so they really “get it” real good and hard. (success) 🙂 That’s what gamblers do. Keep on playing until they lose it all. But not addicted to gambling. Addicted to losing.
3 other Minneapolis police officers charged in George Floyd’s death, Chauvin charges upgraded
MINNEAPOLIS (FOX 9) – All four now-fired Minneapolis police officers involved in the death of George Floyd are now charged.
The charges against former officer Derek Chauvin have been upgraded to second-degree murder. Court records now show Chauvin is charged with second-degree murder without intent, third-degree murder and second-degree manslaughter. With the upgraded murder charge, his bail has been upped from $500,000 to $1 million.
The other three officers–Tou Thao, Thomas Lane and J. Alexander Kueng–are now charged with aiding and abetting second-degree murder and aiding and abetting second-degree manslaughter.
Ororeef @ 14:27
I sure hope it doesn’t take two weeks for us to bottom!
I don’t put too much credence in the seasonal charts. They’re an average and things may or may not happen as they predict.
Richard640 @ 14:04
None of that means doodly-squat at a potential super-cycle top.
The bounce in stocks could go on for months like in ’30.
Lots of idiot specs to chew through.
Cheers
Not seeing heavy volume
Would’ve thought we’d see extreme selling in GLD, SLV and the shares today, but looks like it will be average at best.
Brutal day nonetheless.
CAPTAIN–this is the 11th straight day of gains for stocks…
. Look at the VVIX today-it shows traders expect the VIX to be higher
The Cboe VVIX Index (the VVIX) represents a volatility of volatility in the sense that it measures the expected volatility of the 30-day forward price of VIX®. This forward price is the price of a hypothetical VIX futures contract that expires in 30 days..the SQQQ [3xshort] and Qid-[2xshort] are both back to their pre-crash lows–
LOL
This man is living in 2090. #2020Protests pic.twitter.com/VwydvmyC6V
— Omar M. Khateeb (@OmarMKhateeb) June 3, 2020
I would guess that
there’s a lot of bigly money looking to go into the precious metals and shares … looking for a decent entry point. I don’t think this downdraft will last long.
Tit for Tat
Trump Admin Bars Chinese Passenger Planes To US
The move by the Trump administration comes in response to China refusing to allow US airlines to resume passenger service in the country. The Trump administration claimed last month that the Chinese government has made it near impossible for US carriers to operate in the country.
The new order banning all Chinese passenger airplanes from US flights is expected to take effect on June 16. More details will be announced in the afternoon hours on Wednesday.
Offshore Yuan has slumped to 7.1253 on the Reuters report.
https://www.zerohedge.com/markets/trump-admin-set-bar-chinese-passenger-planes-us
Richard640 @ 11:54
Exactly — once the highs are exceeded and the ratios turn down you can try shorting.
Cheers