Gold

In particular, NFTRH144 had this to say about the nominal price of gold (among many other things, the least worrisome of which is whatever the price of gold happens to be doing on any particular day, or in any particular week, month or even year for that matter).  There was a chart as well, showing the cool MACD consolidation, the orderly RSI and best of all, an up channel that gold just about bonked on yesterday's exuberance. 

"Weekly gold is at all time highs and is approaching the top of its orderly uptrend channel. As noted previously, I would have preferred that it maintain the orderly MACD and RSI downside limits while hitting support because where market management is concerned, I like order whenever I can get it, which isn’t often. Gold is either preparing for a channel buster up or a downturn to bring things back into order.

Recall that during the precious metals angst of the last few months the robotic MACD consolidation was highlighted as a positive divergence despite the fear permeating the sector. If weekly MACD now triggers up, it will likely have proved to be a springboard to a channel buster up and a potential parabola. NFTRH will however, hold open the potential for Washington to cook up something that keeps gold within the channel, thus maintaining order. Best support remains in the low to mid 1400’s."

NFTRH was prepared for today.  It is written by a former Boy Scout after all (full disclosure: I only made Star).  We were prepared for what the broad market had up its sleeve too.

"Let’s not over complicate this. On Friday I saw one of those goofy MSM headlines trumpeting something like ‘Stocks set to end worst week in [???]’. Silly MSM, the S&P 500 is grappling for support at the MA 50 (intermediate) and MA 20 (short-term). SPX at or above the MA 50 means last week was just consolidation. Furthermore, in the event that SPX gets above the blue dotted line, it will target 1460+. MACD and RSI are both constructive."

Hey, have a good night.  It's jamming night and I wrote a song that I have to now decide whether or not to subject the band to.  It is kind of serious and may even suck (for a rock band).  Decisions...



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