I would like to make my own modest effort to put to rest a trite little phrase that gets trotted out every time silver and gold are getting trashed (which has been the case for years now). “I just checked, and my pile hasn’t gotten any smaller.”
These precious metals kooks – sometimes called “stackers” (since they stack up coins, as well as losses) somehow make the point that since their physical asset hasn’t changed shape or amount, it hasn’t really dropped in value. Not in a real sense. Honest Injun.
Apologies for the late post today. I have had a very intense morning for one reason and another. I’ll just do a single chart post today as the setup on SPX here is straightforward.
Obviously the triangle broke up yesterday. SPX made a marginal new all time high and so on. I have a possible channel resistance trendline drawn in on the chart below that hasn’t been tested yet and may well hold. I have open 5min and 15min chart sell signals triggered at the (more…)
All the comparisons to 2000 seemed a little far-fetched………until today.
Before the opening bell, I was looking at my iPad from the comfort of my bed, and I took a few screen shots for posterity.