from KingWorldNews:
Today
Ben Davies told King World News that we may well be seeing a “V-shaped
bottom” in the gold market right now. But first, here is what the
rising star had to say about the recent smash: “It feels like a smash
to some extent. I think that’s because the market had been trading
sideways for a while, so the release lower feels much more aggressive
than perhaps it is. We’ve ostensibly come off about 5% or 6%.
Not withstanding that, it still feels quite aggressive. It’s disappointing for the bullion participants there is no doubt about it. When a market is giving you the best fundamentals in the world to be invested in, but is consistently showing a poor response to bullish news, you have to take note.
I believe when I last came on (to KWN) last time we talked about our trend system being ‘trend ready.’ The markets released lower, and now we’re into extremes that I haven’t seen in terms of sentiment since 1993 and 1997…”
Ben Davies continues @ KingWorldNews.com
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Today
Ben Davies told King World News that we may well be seeing a “V-shaped
bottom” in the gold market right now. But first, here is what the
rising star had to say about the recent smash: “It feels like a smash
to some extent. I think that’s because the market had been trading
sideways for a while, so the release lower feels much more aggressive
than perhaps it is. We’ve ostensibly come off about 5% or 6%.Not withstanding that, it still feels quite aggressive. It’s disappointing for the bullion participants there is no doubt about it. When a market is giving you the best fundamentals in the world to be invested in, but is consistently showing a poor response to bullish news, you have to take note.
I believe when I last came on (to KWN) last time we talked about our trend system being ‘trend ready.’ The markets released lower, and now we’re into extremes that I haven’t seen in terms of sentiment since 1993 and 1997…”
Ben Davies continues @ KingWorldNews.com
ESRX has a key price level at $56 (navy). Not only can you see the
$56 resistance from back in July and over the last (4) months, but that
price has also acted as support on a couple of occasions. So, the $56
level is key to this stock. If you are bullish, you would want to buy
the stock on a pullback to $56. However, if you are bearish, you might
short ESRX on a break of the $56 support.
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JPY
saw a massive correction today – gaining 3% against the USD – its
biggest single-day gain since May 2010 – dragging all the carry traders
with it. S&P 500 futures volume exploded to its highest
since the rally began in November as it broke its uptrend and slumped 40
points from its intraday highs. VIX’s term structure collapsed
to its flattest in 18 months as spot surged above 19% (no – everyone
wasn’t hedged). The Dow, S&P, and Nasdaq are all red for the month
and even the Trannies are almost unch. Treasuries soared with 10Y ending
-10bps (after being +4bps at its worst of the day). Gold and Silver surged
(with the latter testing near $1600 again) as WTI dropped 1%.
Homebuilders (not helped by lumber’s price collapse) dropped 3.5% but
every sector was ugly today and closed at its lows.