Metals...still slipping

The two main precious metals are still on the slide.

SLV, weekly

GLD, weekly

Neither of these two charts are good. Both are negative on all indicators. Silver especially is close to a snap-break if $30 fails to hold. Gold is only $40 away from triggering at least a moderate cascade to test $1500 again.
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I can only guess the big metal bulls are very much waiting for the Bernanke to do QE3 this summer. Whether its some kind of MBS purchase scheme, or old-school POMO nonsense...we'll just have to see.

Good wishes for Tuesday trading

The Most Bearish Chart right now

okay...here it is...

Transports, monthly, 'doomster' count.

Now, this is indeed one of my old 'doomster' count charts. The transports is the last 'doom' count that I still have. All the rest have been violated in the last few months, and subsequently deleted.


So, what do we have?

Transports monthly cycle shows a VERY bearish 4 month flat top. The indicators are WEAK, and suggesting that there is real potential for a very significant move lower. Look across to 2008, I'm not saying we're at April'2008 (as I was some months ago), but we sure aren't cruising higher anymore. We're absolutely stuck. Doubtless, this is due in part to rising oil prices, but also...due to what is I believe some underlying weakness in both the US, and wider world economy.

The fact that official GDP is still positive, and still seeing net job gains, I'd certainly say that's something to largely dismiss.

If this was the only market index you followed, you'd be 100% short right now, with a stop at the 5350 level. This chart is something to think about tonight, now lets see how Tuesday goes.

Goodnight

Dr Copper...just fainted

ohoh...here is a real problem...

Copper, weekly

Looks like the 5' wave count is now invalid..and a major support level is about to be broken.

MACD momentum cycle looks to go negative next week, Copper is now a serious warning for the mid-term bullish outlook theory.