OK, admit it now. How many of you, at 10:00 EDT and gold at 1488 thought ole Turd was plum crazy with his "1515 by later today or Monday" statement? How many of you were ready to give up on Turd's Bottom #2, also? Faith. We must have faith. The truth is on our side and the truth always wins. (The most notable exceptions being "I did not have sexual relations with that woman" and the OJ trial.)
As we look to wrap up this really wild and significant week, let's begin with a summary of my trading today.
I sold: 2 of my 4 July $7.50 corn calls and my 2 June $1500 gold calls.
I bought: 1 August $1550 gold call, 1 July $40 silver call and 1 July $102 crude call.
For charts, let's start with our two nominations for best supporting actor: copper and crude.
Now take a look at crude. At this point, it looks like the only thing that can drive crude below 96 would be if those lunatics that are predicting the 2nd Coming for tomorrow are proven correct. Outside of that, the 96 level looks to be about as strong of chart support as your ever going to see. Note that you don't just have rounding bottoms at 96, either. You have sharp, quick reversals off of that level, particularly today. I printed this chart and immediately called Lind-Waldock and bought that July $102 call I mentioned above. It clearly looks like it will go thru 101.50 early next week and, from there, it should move rapidly back to 105.
Gold is still proving to be the champ in the PM arena. For now, silver is still to psychologically damaged to mount a major, sustainable advance. Give it another week or so. Gold, though, looks terrific! $1515 may continue to offer resistance into early next week but, once it falls, gold will scoot toward $1525. It will likely pause there and re-group for a day or two between 1525 and 1515. However, it should then resume its recovery and trade toward 1540-45 by the end of this month.
Well, that's it. I hope you all have a relaxing and wonderful weekend.
Thanks again for making this the absolute best PM blog on the face of the earth! TF
p.s. A nice, tidy little stack of these came via Fedex today. I was able to purchase them directly out of the PayPal account you into which you all have donated money. I own some GPL stock, too. What a deal!!