Your Weekend Update

Wow! What a crazy and wild week that was. We have found levels in gold and silver that The Cartel is desperate to defend. They threw the proverbial kitchen sink at us this week in the form of margin hikes and Fed hacks but we are still standing and looking good!

First of all, check out this weekly chart of the CRB. I mentioned last week that it had an almost identical look to the chart from last November. Note the decline then stopped right at the blue moving average line. It then reversed and rode the red line for the next 90 days. The same thing is happening now and it appears we are entering another prolonged period of gains. If you haven’t bought some intermediate term exposure to grains, crude and metal, now would be the time to do it as another double-digit percentage move in this index appears to be in the offing.

Now check out silver. First, here’s the chart from last week:
Line #2 did, in fact, take us back inside the primary trend. It happened on Thursday. Well, you all know what happened next…the deliberate, manipulative 1,2 punch of the margin hike and Fed hack speech.
However, buying materialized not selling! All The Cartel was able to accomplish was a delay. They are in the same position this weekend that they were in last weekend. Looky here:
Not only that, their actions were actually quite helpful as we now have a defined support level to watch at 36.90. IF that gets broken, you can use it as a sign to book some profits. Until then, long and strong, baby!

Onto, gold and crude. Here is a picture of them:

Seriously, for some reason, these two became joined at the hip back in February and they have remained that way now for the past five weeks. Almost frickin identical.
Lastly, The EE continues to get some negative mainstream media coverage. Whether or not this will have any long-term effect is debatable.
And, if anyone out there is still wondering what the heck EE stands for, please review this:

So that’s it for now. I am headed out of town to visit my friend Princess Sweetness and his family. Sweetness and I go way back so its always fun to hang out, watch some hoops and drink some of his gin and his wine, for a change. I’ll update the blog again after the Globex opens tomorrow evening. Until then…chill, smile and be happy. The Evil Empire is rapidly losing control of their domain. We are winning. TF

Sent with MobileRSS for iPhone

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