Feeling Good, Louis!

(obligatory)
http://www.youtube.com/watch?v=mmMS9nvi6eg

We all should feel very good about today's action. Its been a while since we had a pretty, little FUBM painted onto the intraday chart but we got one today. Please take a moment to behold:

Remember, the FUBM is a very strong technical indicator as it shows an EE takedown that, when it reaches a certain point, is met with significant buying. This is very real...and very positive given all the pain, suffering and sold-into rallies of the past three weeks. Of equal importance, both crude and copper had nice days and both are back above what could have been strong resistance. Crude is back above $87 and now needs to follow through and get back above 88. Copper is even better as it bested 423 and 425 and now just needs to hold its ground and grind higher.

I must ask you to take a moment to review this before we move on. I'm not looking for a pat-on-the-back or an atta-boy. I simply want you to keep our current position in its proper perspective. Almost everything we discussed last week has come to pass:
http://tfmetalsreport.blogspot.com/2011/01/1600-gold-by-june-10-2011.html
So the question is: What happens next? The answers can be found in these two charts.

We've set nice bottoms right where we wanted them at 1322 and 26.55. Are we finished? Is that it? I believe you'll have your answer very soon. As written on the charts, if silver can now get UP and away, through the rebound highs of last night, and trade near 27.60 tonight and tomorrow, my confidence will grow that the worst is over and we can buy with impunity. Not surprisingly, gold looks the same. If we can soon clear last night's highs and move toward 1345, we'll be in good shape. The next 24 hours are important and they will either create a virtuous cycle of new longs and short-covering and more new longs and more short-covering or momentum will fade and we'll move back down to a re-test of the lows. Let's hope its the former.

One last thing, the HUI is very strong today. Its above 510 and about 20 points off its lows from yesterday. This is very important as its been my experience at tops and bottoms that the mining shares tend to lead the bullion by about 24-48 hours.

Keep the faith. All is well. Let's keep it rolling. TF

ps Found out today that your favorite Turd has, once again, been asked to grace the airwaves of CNBS for a segment in February. DO NOT expect me to give you a date and time as I enjoy my anonymity too greatly. I will, however, try to drop a few clues while on air. Maybe I'll simply wear my big yellow hat. Nah...ole A-cups and the FOAD probably wouldn't appreciate it.


4:15 EST UPDATE:
Well, isn't this fun? The Turd lives for days like this. We called a bottom about a week in advance and its worked almost perfectly...so far.
The FOMC minutes could not have been timed any better to help our cause. To the amazement of the uninformed, The Ben Bernank announced that QE will continue until further notice. How this comes as a surprise to anyone who is even remotely paying attention is beyond me. This is why you must ignore the top-callers that populate the MSM and, unfortunately, ZH. They are utterly clueless, status quo-pushing morons. For all the reasons mentioned here ad nauseam, QE will never end because it can't. Period. End of story. BTFD.
The minutes have given everything a solid push up.
Crude is back to $87.73. Sweet.
Copper is 428.55. Refer to the note above to see how important that is.
The USDX looks primed to succumb to its lousy chart.
The HUI closed up almost 4% and is pushing the old 520 mark again. Two, consecutive closes above 520 and you can feel very confident that the lows have been reached in the miners, too.
And, most importantly, the PMs have surged to near the levels needed to stave off a re-test of the lows. Again, I listed above that we needed a short-term move in gold to near 1345 and then 1350. I have a last of 1344. Silver needed to best 27.40 and then 27.80. I have a last of 27.64. (The Turd smiles.)
Soon, we will enter that virtuous cycle pattern of courageous new longs and scaredy-cat squeezed shorts.
I'll check back in later this evening. For now, savor this feeling. It comes far too infrequently. TF

And one more thing, I can assure you that Trader Dan are not one and the same. Separated at birth, maybe, but we are not the same person. You might think that after reading this:
http://jsmineset.com/2011/01/26/hourly-action-in-gold-from-trader-dan-395/