For now this level has been reinforced on the price chart. Translation - bears are digging in up at the recently made highs in the stocks that compose this particular index.
Based on some swing pattern analysis, the HUI has the potential to make a move lower into the 245 region ( the rectangular red box labeled support) where, if the uptrend is going to continue, they should uncover some decent buying.
If that were to fail, the index could sink back into the former gap region which extends down to 235. I would not expect that to fail should it happen for if it did, it would foreshadow a move back to 220.
For the bulls to ignite a sharper advance, 280 needs to be cleared and HELD.
The gold market is going to be very similar to the crude oil market for the near term in the sense of volatility tied to the situation in Syria. While I believe that gold has priced in a missile strike, I am unclear as to the extent or duration of such a strike. If it is indeed the pin prick which many feel it will be, it will accomplish nothing and will soon be forgotten. If it were to escalate into something deeper, then I feel that gold and crude will react more strongly.
The President's foolish blustering about "red lines" and ultimatums have boxed him into a corner in which he appears buffoonish and inept if he does nothing but which runs a serious risk of further undermining the already sinking credibility of the US if the response is seen as a mere effort for him to save political face.
This is not our battle as there is no good outcome to intervening in this internal fight in a nation that has not threatened us or our allies directly. Either way, we will have to stay on our toes as traders as no one can be quite sure how all of this is going to play out or of the market reaction.
"This is not our battle as there is no good outcome to intervening in this internal fight in a nation that has not threatened us or our allies directly"
ReplyDeleteDan, you should open a Twitter account with a quote of the day.
That one reflects my thoughts.
What the h... are we doing there?
Unless you have proof of a mass genocide like Saddam over the kurds, but come on, noone knows for sure what's happening there, and I'm tired of those tactics of using anything at hand to justify another intervention.
A special thanks to my own buffoon president as well, who will probably retire in a nice Swiss Datcha paid by the US administation after his super support on that one.
I regret the times when Villepin and Chirac simply didn't follow Bush and explained that allied and friends didn't mean one had to do everything big brother said, even if that cost us a few nicknames and the Freedom Fries rhetoric for a while...
"The US is readying the release of its evidence of the Assad’s regime’s complicity, probably on Thursday, in what Anthony Cordesman, of the Center for Strategic and International Studies in Washington, called “the US intelligence community’s most important single document in a decade”.
ReplyDeleteRead more at http://globaleconomicanalysis.blogspot.com/#jkqdACTPLFSxhxwO.99
In a decade, oh, you mean, since Colin Powel?
lool.
I'm happy I'm able to make a difference between We, the People, and this little bunch of snakes. I think I'm gonna watch Born a 4th July one more time...
It's outragous that all this shit lying media are acting, as if the USraeli government hadn't lied in the past and if Powell wouldn't have presented even at the UNO to the world faked documents!
DeleteProven war criminals and the ziomedia do, as if it can be trusted what these puppets present to the public.
Now, careful about the "jew consiracy" theory once more, last time it led to Hitler, Nazi party and other pretty things :(
ReplyDeleteYet, interesting article here maybe?
Always to read with critical eyes...
http://www.clivemaund.com/article.php?art_id=3008
and if you don't have time to read it all, this will be enough :
ReplyDelete"When the Axis decides it wants to bring down a state that is either belligerent towards Israel or is threatening to go off the petro-dollar, it simply foments revolution in the country concerned by supporting dissident factions and sending in mercenaries etc, with the aim of creating a civil war and toppling the government, and if that doesn’t work it invents a story like the infamous “weapons of mass distraction” story about Iraq and manufactures “false flag” incidents and then flat out invades, using that as an excuse. "
Sorry Dan, it's a blog about trading, but these news and events make me pretty pissed off. I'll stop it there...
"This is not our battle as there is no good outcome to intervening in this internal fight in a nation that has not threatened us or our allies directly."
ReplyDeleteThis shows that you have a spine. Contrary to all those liberal assh...s in MSM and liberal bloggers, which always turn completely quiet if the next innocent country is threatened or raided with accusations without any facts, false accusations and against all international laws.
The western regime is a criminal regime, the real terrorists are the western countries, which are the financiers of the terror:
PROBLEM - REACTION - SOLUTION
They create the problem, wait for the reaction and then offer their "solution".
BSE SENSEX and Nifty down after morning gains
ReplyDeleteToday BSE SENSEX and Nifty down after morning gains, due to absence of buying action in market and weaker opening of Rupee against US dollar.