Groundhog Day (updated)

Groundhog Day (updated)

by Turd Ferguson
What the heck is going on? I went to bed on the night of the 30th and, apparently, I’ve woken up on the 24th. Frankly, I hope it is the 24th. If it is, I’m going to sell all my PMs and put it all on VCU.

Seriously, though. The Cartel/Fed/CME Complex gave us all they had over the past week. Here we are, one week later, and the prices of silver, gold and crude have completely rebounded. Whodathunk that the half-life of a margin hike is less than the half-life of radioactive iodine? (Got to admit…I didn’t know the iodine part a couple of weeks ago. Actually, I wouldn’t have thought the margin hike half-life was that short a couple of weeks ago, either.)

At any rate, we’re kickin ass and takin names this morning. As per usual, the PMs are being led by crude. Here’s the deal, though. It really needs to keep heading higher. If it stops here are rolls over, it will still be within the pennant I drew for you last night. See here:

OK, so here’s the updated chart as of this morning. See what I mean?

Alright, now the fun stuff. First, lets look at gold. How many times has Santa mentioned that it would take 3 stabs at 1444 before gold would finally best that level and move forward toward his next “angel” of 1521. Hmmmm, is this stab #3?

And silver just looks great. The FUCME formation has been completed and Turd is happy. Today and tomorrow have the potential to be very fun days in silver.

Lastly, the USDA released their latest planting estimates this morning.
Looks bearish today for corn but bullish for soybeans. If looking to buy corn, I’d wait for the dip to play out and then begin buying. The number of acres planted with corn will surely decrease by the time its all actually “in the ground” six weeks from now.

Have a fun morning. TF

Oh and this worked pretty well. Since it did, we might want to be wary of next week.

And this seems in line with some of the stuff we’ve been discussing here:

10:55 am EDT UPDATE:
What? Another “Margin Hike Thursday”? We’ll see but the “Groundhog Day” theme continues:

This entry was posted in Gold, Silver, Technical Analysis, Turd Ferguson. Bookmark the permalink.

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