In a reversal that, once again, leaves The Turd shaking his head, today is the polar opposite of yesterday. Everything that WOPR was discarding yesterday is being repurchased today. It's enough to make you crazy if you let it. This is why, here in Turd's World, we believe in the primary trend and try to buy long-term options only. Trying to outguess the whims of the algos or anticipate Fed-speak MOPE will either bankrupt you or put you in the Nut House...or both.
On the bright side, most everything continues to improve from a technical standpoint. First, take a look at gold. The trendline from Turd's Bottom back in January is still very much intact and it is looking to keep churning higher. As mentioned repeatedly, 1525 is your first hurdle. Through there, gold can move quickly toward 1540 and 1550.
Overnight, silver broke out of the pennant I drew for you late yesterday. The battle at $36 now begins. If you need a refresher on the challenges of that number, read this:
Add to that the peaks at $36.50 which you see below and you've got the basis for a gargantuan struggle. Additionally, there is very little to contain silver between 36.50 and 39 so we can all expect quite a fight to keep it below $36.50. Despite the action overnight, I still expect that it will take multiple attempts over several days to finally get $36.50 to fall. If we can pull it off by the end of the week, I'll be very happy. Silver will be right on schedule to go tackle 39.50 by early June and then roll toward 42 or 43 by mid to late June. In case you've forgotten, this was your "roadmap":
I got all excited about crude late Friday only to have it beaten back sharply before I could even have a cup of coffee on Monday. Well, it looks better today. $96 has held again and, sometime soon, encouraged longs are going to feel confident that their downside is limited so they will aggressively plunge back into this market. A move UP through the trendline will be your first clue. A close above $101.50 will be next and then crude will rush toward $105.
Lastly, physical metal continues to be scarce so I beg you to NOT sell your precious "insurance". If you are worried about falling prices and volatility then, by all means, call up a broker and buy some put options in order to hedge your position. Here's a link to help you with that:
I've received several emails lately, mostly from European Turdites, concerning the safety and availability of gold in Swiss accounts. I don't know a lot about that as I'm just a simpleton here in Anytown, USA, but where there is smoke, there is often fire.
Delays are getting longer and multi-million dollar lawsuits are piling up. If you wait to physically deliver your metal or if you blindly trust in your custodian, I fear you may deeply regret your procrastination.
Physical is physical and paper is paper.
Have a great day. Let's see if we can add to these gains. TF