My Spot Gold short: catastrophic short stop = 1884 (which would still give me a nice profit but it would depress me) Take short profit at 1672 to 1650. Why? Because the first tsunami wave down will likely complete in this zone after which a rally will occur to the region 1883 - 1900. If such happens be prepared for the billions of dying gold bulls calling for Gold 5k to come out singing again. But don't get caught up in it because the next leg down will take Gold to $1383, where you will take short profits again. Good luck, mint, mint, mint the golden opportunity of once in biblical times.
"The market is better at predicting the news than the news is at predicting the market." - Gerald M. Loeb
You've just stated very precisely the first Law of TA 101. Good stuff. And if one digs deeper one could see that its not likely for teleprompter readers (CNBC et al) to match the sophistication of the Markets which thrive on Contrarian Culture, something that humans cannot easily do and therefore die in vast numbers at major market tops.
Notice not once in this bear mkt did talking heads discuss the correct strategies, eg shorting stocks or buying inverses or puts. Why not?
Got my short positions and have no intention of exiting them. I think there is a lot more downside coming looking at the stockcharts. Patience is rewarded in the end.
CPI came in at 9.1%. Now, everyone knows this is bogus and inflation raging higher than that. I do not buy that China has stopped buying oil or reduced its appetite for oil. It has large storage tanks even larger than the US and they have so much surplus in dollars which is going down in value. Would be smarter to keep buying oil and storing it in the strategic oil reserves while, the oil prices are down. What about India? India is buying more oil now then ever. Selling some of the cheap Russian oil to Europe at full market price. US doing the opposite. Bleeding the US strategic oil reserves and selling that cheap oil in the market. Probably, to keep oil prices from climbing in the short term. Oil is highly, inflationary. People are still going to drive, travel, haul goods from one location to another. Higher prices will be passed on to consumers.
CPI is at 13.5 (1990 based measurement technique) or 17.0 (1980 based). Shadowstats.com is the go-to place for this type of unfudged stuff. If you're not having enough fun yet then here's Unemployment Rate, the real true rate unlike the bogus govt. numbers ......................
QQQ continuation short opportunity outlined here. For the benefit of those guerilla fighters who perform pivot well off the back of a horse on especially rough, treacherous terrain. I will be adding 400k to the continued short when/if a rally occurs by catching the rally top ............. OR when/if current low 269.28 is taken out to the downside. I will however keep an eye on a monster support level that QQQ will hit at 262. If this support shelf fails then the next station is a whopping short gain at $217