Hmmm. It's Tuesday. Gold and silver both just surged rather nicely. Gee, I wonder why...
For your answer, simply do two things:
- Look at the calendar and notice that it's Tuesday
- Think about the market action of late last week
Consider. Ponder. Surmise. Reflect. Ruminate. Speculate. Contemplate. Deliberate. And what do you get??? It's Happy Tuesday!
Always remember and never forget that the Commitment of Traders survey is every Tuesday at 1:30 pm NY time. This means that, by the Comex close, The Forces of Darkness must adjust their books to account for/HIDE any clues to their past week of "activity". Lately, as discussed here ( http://www.tfmetalsreport.com/blog/3841/terrible-tuesdays), Tuesdays have been terrible. As you know, The Cartels have been actively buying and covering while the silly specs have been selling. To cover some tracks before the survey, The Cartels have sold on Tuesdays, thus the name "Terrible Tuesdays".
However, you surely recall the action of last week when The Bernank spoke and PM prices were drilled lower. You likely recall the unprecedented Thursday night dumping, too. To "cover tracks", some of these fresh shorts need to be covered. Et, voila!! Zee Cartel buys zee metal today and zee price goez upp!
Along the way, they can't help but trip a few buy stops and, lo and behold, we get a surge of over $20. I don't know about you but I'll take it. We'll likely give back most of it at some point tomorrow or Thursday but whaddayagonnado? Let's take this slowly and rebuild a week at a time. For now, my only goal is an UP/green week and a Friday close above $1610. Silver, too. Let's watch and hope for a Friday close back above $29.
Just a couple of housekeeping items. First, some talk on the previous thread about "bottoms". Let me remind you of this:
- I was on the record saying 1625 was the bottom (WRONG)
- I was on the record claiming that the long-term trendline, near 1620 at the time, would hold (WRONG)
- I've been maintaining for several weeks now that 1525 is The Bottom (MAYBE)
- I've drawn why on several, different weekly charts (OBVIOUS)
- I've recently referred to this as a "quintuple bottom" (Sept, Dec and 3x in May)
- I've even mentioned that the only way 1525 fails is if The Gold Cartel attempts one, last down spike to gun the buy stops below there and suck in one last hunk of spec shorts. IF they did, this would represent an amazingly compelling BUY opportunity.
The latest "Hat Contest" concludes on Thursday. Did anyone make a spreadsheet of all the guesses? If you're looking to review, all of the picks are found in the comments of this thread ( http://www.tfmetalsreport.com/blog/3802/anniversary-hat-contest).
Lastly, The Jackass and I are going to be visiting again tomorrow. I'll record the conversation and post it later this week. One of the features of the new subscription podcast site (when it finally goes live next week) will be member participation in conference calls and webinars with featured guests. To give you a taste of this, let's give something a try. Please use the comments section of this thread to submit your questions for Jim. Obviously, we won't be able to address every single one of them but I'll pick out a handful and ask Jim to answer them.
That's all for now. I've got 1615 and 29 so things are looking good. Have a great day! TF
2:40 pm EDT UPDATE:
I've you've been reading the comments today, you may have noticed this:
Why did I think this? If my rationale behind "Happy Tuesday" is correct, wouldn't you assume that The Cartel would come right back, after the Comex close and the CoT survey, and put some of their shorts right back on? Hmmm. Lo and behold, that is exactly what has happened. See below:
Again, this is nothing unusual. Standard modus operandi. Let's just hope the price hangs in there and regains 1610 by Friday.