Imagine that. Here’s Turd Ferguson:
In looking over the comments from the previous post, I’m not surprised to find that many of our regular contributors are also still here on earth this morning. But seriously, if you are one of those lunatics who blew their entire life savings betting on the end of the world yesterday, what are doing today? I mean, today can’t just be another day for you. Are you pissed? Are you hopeful that maybe The Grand Poobah was just off by a couple of days and now today is the day? Maybe tomorrow? Like Art Cashin says: “You never want to go around predicting the end of the world because you’re only going to be right once”. That’s some sage advice right there.
Along those lines, the PM world did not end last week, either, as some would have led you to believe. I’m extremely confident that “Turd’s #2” is now set and in. Now we just need to move away from our bases and it looks to me like that is going to happen this week. Here are some hastily drawn weekly charts for you to consider. First up, the POSX. The trend is clearly down. After breaking support at 74, it immediately popped back up. It will now certainly head lower and test 74 again. IF 74 holds, then maybe we can start thinking that the dollar has stabilized but not until then.
Here’s a weekly CRB. Note that following the big drop, it has since stabilized and is now heading back up. I’m looking for this to reach back above 350 this week.
Gold looks great and, after a higher close last week, looks ready to move higher still. Like we discussed Friday, I expect a run toward 1525 then a pullback toward 1515 before running higher again toward 1540-45 by the end of the month or early June.
And here is silver which has three, consecutive weekly closes almost right at $35. I find that very interesting and I look for it to close UP this week. Maybe all the way back up toward the 37-38 area.
IF it does, then we’ll go tackle the 39-40 area the first week of June.
That’s it. Time’s up. I hear our overnight guests stirring upstairs so I’d better go make some more coffee. They’re going to need it after the night we had last night 😉
Have a great Sunday. I’ll try to check in this evening after everything opens. TF