Originally published by Chamber of Merchants
There’s not much happening.
So I’ll just share what I’m looking at.
The CBOE Volatility Index is going ballistic. It’s betting that the stock market in the US is about to go through an extremely rough patch:
The US stock market S&P 500 is exactly on the cusp of either rebounding or crashing. Tonight’s numbers and the poll updates will determine the direction:
Gold is consolidating but needs to break through the $1308 and close there to resume the upper trading channel:
The US gold miners ended higher, which means that Australian Gold miners are very likely to close significantly green today. Even the ones lagging right now, should close in the green. The market’s bet is as clear as day although they do need to break through their resistance levels which I expect to happen Monday/Tuesday as we head into “T” day. Tonight’s Payroll number be the catalyst to push them all through:
However, expect the unexpected: volatility.
The short term movements are not that interesting to me. I like to focus on the big picture, but I thought I’d share some of my screen with you.
Patience is key. This will be the theme for the next 3 months. Combine that with the previous theme of Feel Less, Think More.
One thing is for sure, I get less and less value from market analysts. They simply appear to have no idea what’s going on.
You can recognise that by their article headlines ” Is Gold going to….?” or “Will the dollar…?” or ” is the stock market going to…?” Really? Is that analysis?
How about this: I believe gold is going to hit $1400-$1500 within the next 1-3 months. I’ve positioned myself in precious metals and expect to make a profitable return. There are fundamental, technical and political reasons for my position which you can find throughout my posts.
Boom. That’s a market analysis.
Except…I need to add a disclaimer since I am not a financial advisor. I’m just a trader who risks his own wealth.
lol.