The Doldrum Whipsaw
Man-oh-man, I sure hope I was able to save you some money with this post from Wednesday:
Here is the main section you need to keep in mind:
"Yes, we had a nice day, particularly in silver. Yes, it's tempting to get greedy and jump back on the bus. No, please don't do it, at least not yet. The summer doldrums (frankly, any commodity in a consolidation phase) will crush and bankrupt you in less time than it takes Bart Chilton to fix his hair. As soon as you get excited and greedy, they'll reverse and kill you time and again until the phase is over. Trust me, you won't miss out on much and you'll save yourself a lot of money if you patiently wait and avoid the temptation brought upon by greed."
With that in mind, what a brutal butt-kicking we are taking today in the PMs. Hard to pin down a reason. The grains got killed after the crop report yesterday. This has made the CRB look terrible which, in turn, is driving down all commodities. The Forces of Darkness pile on the mess and you get gold down $16 on no news. Silver is off a buck, too. Sucks.
Again, if you feel compelled to trade over the summer, only buy when the metals are near the bottom of their ranges and, when you buy, buy time and be patient. The PMs will soon return to their bull markets, of this you can be certain. However, during the doldrums, they'll baffle and frustrate you to no end. But don't take my word for it. WOPR, himself, has given you the best instruction (wait for the end):
(And what ever happened to Ally Sheedy anyway. Kind of a homely teenager in this movie. Then she's smokin hot in films like "St Elmos Fire". Now she's all strungout and post-menopausal. This getting old stuff sure sucks.)
Hang in there today and try to keep your powder dry. TF