I Hope You're Ready. I am.
I've been on vacation long enough. Batteries are recharged. Perspective has been gained. Things are about to get very, very interesting in the metals. I'm ready. Are you?
Both metals are rapidly approaching a conclusion to their long-term, corrective patterns. By Monday, I'll be able to draw on these charts again but, for now, you'll have to use your imagination. Connect the tops with a down-sloping line and connect the bottoms with a horizontal line. These "descending triangles" are near their completion as both metals are working themselves into the very tight, acute angle at the far end. WHEN they break out and UP, what is happening will be clear to all. The hot, explosive summer and fall will have begun. Be ready.
Here are some news items that you should be following. As mentioned yesterday, if you want to follow the events on the ground in Syria, this link is your best bet: http://www.aljazeera.com/watch_now/. Israel has fingered Iran/Hezbollah as the culprits behind the bombing in Bulgaria yesterday. http://www.zerohedge.com/news/alleged-mastermind-behind-israel-bus-explosion-identified-swedish-national-mehdi-ghezali. And, the U.S. is appearing to gear up for military action somewhere in the area: http://www.zerohedge.com/news/three-us-aircraft-carriers-now-middle-east-fourth-en-route. All of this has served to drive crude well through $90 and $100+ now looks quite possible very soon.
Soybeans are reaching a mania phase. They are up over $1/bushel in just the past 24 hours. They are likely due for a brief but sharp pullback soon but things aren't looking better, by any means. Here's a 5-minute chart as well as an updated version of the Kansas City forecast I posted earlier this week.
UBS sees hyperinflation coming. (Wait a minute. I thought hyperinflation was just some sort of Austrian pipe dream. David Frum said so. Oh well, Switzerland is pretty close to Austria. It must simply be contagious.) http://www.businessinsider.com/hyperinflation-risk-major-currency-2012-7
Peter Schiff is worried about tyranny and fascism. http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/7/18_Peter_Schiff_-_This_Is_My_Single_Greatest_Fear.html
And Trader Garrett (a friend of Trader Dan) has written summary for those searching for bottoms and trend changes. http://marketpendulum.blogspot.com/p/in-depth-coverage.html
OK, that's all for today. Keep the faith.