FUCME

137
Thu, Aug 11, 2011 - 10:35am

By now, you're all aware of the pretty technical formation we call an FUBM. Another one that we occasionally get to see is the FUCME. Let's watch for one today into tomorrow.

To no one's surprise, the criminal C/C/C raised margins on gold last night. They did this under the cover of darkness and at a point when gold was about to go parabolic. Gold margins get raised and the S&P reverses. That's a handy way to stop the rally. The S&P is now up 22 points and gold is down....brace yourself...$24! Definitely NOT the cascading waterfall that the C/C/C had hoped for. Oh, they might get some follow-through selling later this morning so I've provided you with some support levels on the chart below. However, I'm expecting at least a mini-FUCME to form over the next 28 hours. Why? Would you want to be short over the upcoming weekend? Really? I didn't think so. Expect some short-covering tomorrow as well as regular buying. This will halt the current slide provide new momentum for next week. One word of caution...I do not expect further margin hikes. Usually, they only come one-at-a-time. However, as we all know, if the criminals are dead set on killing a market for a while, they can raise margins as often as 5 times in 9 days. IF we get another margin hike tomorrow or over the weekend or next week, the C/C/C will have made clear their intentions to all.

Silver continues to suffer from the same disease that has plagued it for weeks. Namely, low open interest and high margins leads to a shallow group of buyers who, once they stop buying, are easily overrun by the Forces of Darkness. Up goes silver. Down goes silver. You end up with a chart like the one below, with lines all over it. Dazed and confused. I still think silver rallies over the next three weeks but days like this one sure make it difficult to be a believer.

That's it for now. I've got the following lows so far: $1755.20 in the Dec gold and 38.06 in the Sep silver. Watch those level closely for an indication of whether my FUCMEs for this morning or overnight and into tomorrow.

TF

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  137 Comments

Josephj36
Aug 11, 2011 - 10:37am

Sounds good

Sit tight everyone!!

SilverTree
Aug 11, 2011 - 10:40am

Fook Mi

Video unavailable
Shill
Aug 11, 2011 - 10:40am

No fear Turd

Looks all good to me. Hoping for a lunch time Miners FUBM!

Cheers

metalhead
Aug 11, 2011 - 10:44am

days like this one sure make

days like this one sure make it difficult to be a believer.

Why? We've been watching them do this to this silver forever. Any believer who survived mayday -- or even last Thursday's $2.40 in 40 minute beat down -- with his faith intact shouldn't blink at this.

¤
Aug 11, 2011 - 10:45am

The Calvin Hairball

Can't help but think the whole market system is like a giant hair ball of debt and paper fiat and the fat cat bankers are about to hurl up the biggest financial entanglement yet. Yuck!

Thanks TF. Glad to see your on top of it as usual.

Any thoughts on a possible ban on short selling here? I know your giving it thought. They're dangling it out there and we all know what that usually means.

Have a nice day!

¤
Aug 11, 2011 - 10:49am

Bouncing off $1755...

and it's about that time of day where this just reverses. We shall soon find out if it rings true again today.

LongGoldLongSilver
Aug 11, 2011 - 10:49am

Back Into the Cave!

https://www.economicfreefall.com/2011/08/new-beginning.html

I'm really looking forward to today's action in the markets, especially in the gold and silver shares. If, and I say if, the breakout that seemed to appear yesterday against the broader stock market is validated by continued strength today, we could be up for a pleasant ride for quite some time.

We are likely to see gold weaker for at least a few days, which makes it even more interesting gold stock-wise. Today could be the start of a new era in the world of gold stocks, and it is time for the shares to prove their manhood by showing some muscles, and pushing those nasty hedge funds back into the cave where they belong.

A55H0LE_LawyerSilverTree
Aug 11, 2011 - 10:50am

Fook Mi

Damn! Now I'm gonna be thinking about those twins for the rest of the morning ....

vonburpenstein
Aug 11, 2011 - 10:51am

ATTENTION ANYONE W CASHISH!!!

If you don't buy THIS dippage (silver mainly)...you might be a dumb@55 !

SlickShill
Aug 11, 2011 - 10:51am

Likely bounce yes. Right

Likely bounce yes.

Right after the 1pm 30yr auction and 11am 5yr TIPS

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

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Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

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