It approaches noon here on the East coast of the United States.
Let's take a look at the Dow as it approaches 25,600 and why we see major caution here. Because I'd be gone, does not mean I'm flashing a SELL signal...but darn close. Remember I traded and I want a great entry and a nice return OFTEN too early I must admit. for the record we wrote SELL in Jan. '18 at 26,200 and a couple of BUYS since that captured the 1000 point plus moves moves in May and June. The latest, 24,100 near June's end and of course as I wrote would have been out rather quickly and above 25,000 in Mid-July..You can "look it up"!
I'm not calling for a huge decline here nor would I short! The caution? This morning's SENTIMENT indicators have turned quite negative. Put/ call ratios have leaped to "too many bulls" percentage wise. And you can see the chart shows a bit overbought. Seasonally (see below) also favors a down turn likely. The odds are not now in the favor (near term) for the "LONGS". By no means does the market always follow the seasonal, but often enough.
I am going to refer to the recent work of AG Thorson, an excellent technician for a few charts on gold, silver and platinum. We have not once spoke of platinum which you know will move just fine when the long awaited major move in gold and silver commences. But the recent COT numbers (sentiment) on platinum is better than both the other and the best its been in 10 years. Commitment of Traders reports are out late afternoon and always published on GOLDSEEK.COM and referred to on KWN.com by the great sentiment trader himself Jason Goepfert. Bottom line the small spec. are now very short at numbers always denoting bottoms. At tops they go long! Sound familiar? The large Commercials are now long bug time; especially in platinum. We have seen stronger numbers but these we are getting are really good. Again refer to two charts below re: gold sentiment.
The gold seasonal (about 37 years worth ) is far from perfect. Again with sentiment looking good it ought to be even more bullish by September.
Let's look at Hulbert's survey of professional money mangers. they are always bullish and on the gold bandwagon at tops. See where they are now! (below) Always at bottoms!
See above the three charts on the metals mentioned. Thorsen states this is the best position for Platinum in 14 years.
Patience is always a huge virtue and we metals 'stackers' are of the most patient in the world it seems. The legendary Ron Rosen (age 87 and going strong) and his 63 years of great forecasting is sticking by his 1140 gold and then (this year) a massive move to begin to the upside. We have had 300 point moves in less than several months a few times in the past 10 years and this will be another.
Thanks again for the support. I hope you always find something of interest here! UPVOTE,FOLLOW,RESTEEM.
Thank you for your continued support of SteemSilverGold
my pleasure..and thank you!
Good news for me & all crypto trader...☺
absolutely!! and thank you my friend for support!!
Great article @yankee-statman
much appreciated...
I do not know about others, but I'm missing BTC sentiment in your post. 😂
sorry, did not mention BTC today. Sentiment remains about 79 percent long..some call that bearish.. and it is..but not a huge extreme..(always more longs) even at bottoms, more like 60-40..In Jan. it was about 85-15...I just need to see better than this for more than "sideways" etc...thanks as always..
Thank you!
my pleasure any time...and thank you as well..
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