Revisiting Max Q
Well, this is certainly shaping up to be an interesting week. The banks are still intent upon pressing the metals lower but he fundamentals, particularly the latest CoT report, remain decidedly bullish. Technically, as we head through the week, the trendline off the lows will begin to encounter the area of Max Q. Yes, it's going to be a very interesting week, indeed.
First of all, you should revisit the "Max Q" post from last week as the numbers are still valid.
Now look at the updated charts below.
It's still too early for any major predictions and forecasts but this week will go a long ways toward building some confidence. I am still, of course, extremely excited about the Q4, 2012, 2013, 2014...prospects for the precious metals. I'm not ready to call a bottom here, however. Yet. Let's see how this week plays out. TF
p.s. And if you want to start the week on a happy note <thick sarc ON>, take a few minutes to read this:
Yes, it's going to be a very interesting week...