Frankly, I getting so bored with the nonsense that I may not even mention it tomorrow because it will just be the same old shit. Just like today. The day before the report and the financial press was all atwitter about the "improving economy" which sends equities higher and the PMs lower. You can bet that tomorrow will follow the same familiar pattern. The BLS BS "disappoints" and the PMs rally. Blah, blah, blah...
On a more interesting note (to me, anyway), does anyone recall reading this?
Note the date was not quite four weeks ago. On our 87th day of existence, the blog crossed the 1MM pageview mark. Today, a scant 24 days later, we crossed the 2MM mark. Utterly astounding. Thank you all for making this so fun. I promise to reward you with our new "playground" soon.
I'm getting a boatload of emails every day, which is fine. I'm glad to help whenever I can. I'm receiving, however, a treasure trove of quality info. I need to write up another "Turd's Mailbag" post soon so that I can share some of it with you. In the interim, here's just a sampling of some of the stuff I've gotten over the past 24 hours alone.
First, I was alerted to this by a reader first thing this morning. Most of you have probably seen it by now but in case you haven't: http://opinionator.blogs.nytimes.com/2011/03/02/a-conspiracy-with-a-silver-lining/?hp My favorite part is where the writer describes Andrew Maguire as "a ranting rogue trader with a nutty online following". Sound familiar? ;)
Next, now that you've read about silver intervention, here's a little nugget on gold suppression:
Reader "John" seems to do some top-flight TA. He sent me this regarding the HUI. Since we all probably own at least one miner, you should take time to review this:
Hi, Turd. The HUI moved exactly as I predicted about 2-3 weeks ago
1) broke through the 28 dma
2) fell back and back tested it (28 dma became support)
3) ran up and traced the upper bollinger band
4) Doji yesterday means we are out of gas
5) we will move sideways from here
6) the sideways pattern will continue for perhaps a week and then break up again (more buyers show up)
7) I have seen the sideways pattern last a long time...until the 28 DMA runs into the HUI, then it will break violently upward
8) the slope of the 28 dma is turning upward (positive) but we need probably 4-7 days of sideways action to really keep turning it
9) a major blow up somewhere would cause gold and silver to continue upward...but I think gold trends down or range bound for a week or so
and silver tacks slightly upward...resulting in a flat HUI
keep up the great work...folks looking for an entry may find it in the next week...but not much lower
Finally, here are three key charts as we head into the overnight. I expect weakness in the PMs overnight. There's still a lack of conviction ahead of the BLS BS and the Asian/European sessions have been weak as of late, anyway. Let's see if our support levels hold.
Also, I keep pointing out the action in crude because energy prices are having a direct impact on the prices of our PMs. Even with today's brief selloff, the crude chart is still very strong and the price looks to be headed higher again very soon.
As I type, gold is 1419 and silver is 34.43. Crude is rallying, too, at $102.32.
OK, that's it for now. Turd tired. He needs a good night's sleep. I suggest you do the same. Tomorrow may be a real barnburner. TF