Turd Ferguson: Charting Friday

Here’s Turd’s take on the pre-market:

Charting Friday

by Turd Ferguson

It’s only 8:30 am EDT and I’m already behind schedule. Gonna be one of those days.
However, all signs point to a very good day in our precious PMs. Here are some charts for you to peruse as we head into the morning.

First up, the POSX. Uh-oh. I’m glad I’m not long this pig right now.

In the words immortal (paraphrased) words of Hootie and The Blowfish, “gold’s the one I love the mo-o-ost but crude’s not far behind”.

Those two sure look similar again, don’t they?

And silver is still working hard to repair all of the technical and psychological damage done over the past 4 weeks. However, I think it was last Friday when I told you it would approach 39.50 by late May and it’s right on track for that so I guess we shouldn’t be too disappointed.

Lastly, I’ve read in the comments that there is some concern regarding holding positions over the 3-day weekend. Recent pattern on 3-day weekends has been for a rally on the holiday, only to have The Wicked Witch immediately claw back the gains on Tuesday for a net effect of zero. No reason to expect different action this time around. Be not afraid.

Oh, and here’s a link to that Hootie song simply because I know it’s stick in your head now.
http://www.youtube.com/watch?v=1aVHLL5egRY

Have a great Friday!!! TF

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

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