Copper

 Copper is weakening and close to breaking down outside a bearish flag.

 While gold managed to break well above an upper trend line, copper failed at that point and is once again making its way back to the lower line of a bearish wedge.



Always perform your own due diligence. These are only my opinions.

Crashing Wall Street's Party

 Every now and again world events transpire (call it what you will) that send most methods of technical analysis back to the drawing board.

 
 How does the US Dollar rise over a two day period when the markets have risen? This generally gets catagorized into the TA's many caveats as the good old "exception-to-the-rule" clause ... or as we like to say:

 
 Always perform your own due diligence.

 
 We now live in a world where bad news is good and good news is bad. The spin doctors (something we commoner day traders are forced to deal with on an almost daily basis) have seen to it with each and every shift in the market place.

 Yesterday, for example, one might have thought the markets were finally (finally!) on their descending journey to hell, especially when considering the gap down "the boyz" magically performed Monday evening on the futures markets. The bulls who trade on margin may have been scared out of their collective drawers yesterday morning and covered, only to find there was a "do over" in progress as the day wore on.

 Alternatively, those bears looking to climb aboard the "short-the-market" train were handed a similar result and the bottom line was this:

 Wall Street 10, Traders 0.

 It was a route! The Boyz of Wall Street, fully equipped with their emotionless, algorythm trading programs (not to forget a little insider help from the powers-that-be ...... who are we kidding?) saw to that.

 Well, kids ...... chalk it up to, "Takin' care of business."

 We may not be invited to Wall Street's disgustingly lavish events, but we can always crash their parties.





 Always perform your own due diligence. These are only my opinions.

GDX September 6th

 The GDX slightly surpassed its midpoint on Friday (yellow coordinates). It could mark a potential turning point (reversal), though it remains healthy with two reachable targets. The overnight stock market futures had a fairly significant gap down to start the week's first session and it remains to be seen how this will affect gold stocks.

 Physical gold hit a new high in the overnight session and then tumbled close to $60 before recovering and is trading slightly higher than Friday's close as of 6:11 am EST.

Always perform your own due diligence. These are only my opinions.

Gold, Gold Stocks and the S&P500

Always perform your own due diligence. These are only my opinions.

GDXJ

 Is it finally time for gold juniors to recapture the interest of investors and speculators?

 Aside from the fact we just hit a pattern top on GDXJ, the answer seems to be a resounding, "Yes!" 

GDXJ

 GDXJ has finally started to out-perform the Venture.



 There's still some work left to do.

 

 Trend lines can ward off even the most bullish of bulls, and there are two standing in the way of GDXJ.

 There are also ruthless, manipulating Wall Street hedge funds looking to take advantage of those who are feint of heart.

 It will quite likely be the vultures on Wall Street buying up gold and gold stocks eventually.  

 Before they do, they'll want to scare as many people off as possible.

 They'll tell you it's nothing personal and strictly business, of course.

 That's what Wall Street does. 

 Bully people with other people's money, much of which comes from the American tax payer.

 Always perform your own due diligence. These are only my opinions.

When Small Patterns Fail

 Sometimes, breaking down a chart into smaller time frames provides clues to the daily direction. When patterns - no matter how small - fail to complete, it is often a sign we are in for a reversal.

 Admittedly, I missed this today until after-the-fact.

 First off, we had a nasty pre-market dump, found a bottom and reversed, as we so often do. The first bullish pattern of the day exceeded its target (green box).

 The second pattern (red box), however, fell slightly short of its intended target (it actually took two cracks at the "D"), and this set the table for the bears.

 Click on chart to expand 

Always perform your own due diligence. These are only my opinions.

The Market's Version of the Chicken and the Egg

 While the Nasdaq futures broke out to a pattern high yesterday, the ES futures failed in their mission to go along for the ride and confirm the latest version of, "The Running of the Bulls."

 Twice over the last two days the target was there for the taking and twice the ES couldn't move higher, despite what the Nasdaq had done. In fact, the ES minis couldn't even overtake the midpoint of a smaller pattern.

 Click on charts to expand

ES Futures (Ancillary Pattern)

Nasdaq Futures



ES Futures (Main Pattern)

 Generally, the S&P 500 has taken precedence over the Nasdaq. In this case, however, it would seem the Nasdaq front-ran the bank-laden S&P and left it confused and bedraggled.

 Faith in the US banking system is wavering.

 Is it any wonder we've opened a new argument about which came first?



Always perform your own due diligence. These are only my opinions.