Funeral For A Friend

246
Tue, May 1, 2012 - 10:26am

It is with great sadness that I announce the passing of a legend. Today, after a long battle with splinters, my sidekick, the ruler, gave up the ghost. I've been through countless Sharpies and reams of paper but my trusty ruler has always been by my side. Ruler is survived by his longtime companions Compass and Protractor. He will be sorely missed.

Elton John - Funeral For A Friend (Love Lies Bleeding)

Before we start today, a quick recap of yesterday. There was a lot of noise and hubbub last night about this article in the WSJ: https://blogs.wsj.com/marketbeat/2012/04/30/gold-shakes-off-1-24-billion-fat-finger/ Note that this was posted at 4:00 pm EDT. Astute Turdites had this same information about 6 hours earlier:

Submitted by Turd Ferguson on April 30, 2012 - 9:00am.
MODERATOR

I just spoke to Andrew (Maguire). He informed me that it was 7500 contracts, dumped all at once, by "our usual suspect". The goal, he thought, was to knock back price to keep it below 1670 today and away from turning the month of April green on the chart. The amazing thing is that there are substantial orders for physical to be filled/tripped if price reaches 1645. The low in the June12 was 1645.10. Pretty sweet, huh? Move along now. Nothing to see here. At any rate, JPM is now trying to claim that it was a simple, "fat finger" error, which is complete BS. Let's get the PM fix behind us and then see if we can complete the FUBM.

Again, if you're coming by this site and only reading my posts, you're missing out. You've got to read the comments, too. You also need to be stopping by Pailin's Trading Corner, EricO's Miner Thread, BagOGolds Miner Emporium and all of the great forums, too many to mention all of them here.

Additionally, the information that I was able to pass along yesterday is exactly the type of stuff that Andy provides to all of his subscribers and the regulars of "Turd's Army" on a daily basis. Speaking of which, there's still time to join! Andy was able to generate a profit (well above fees) through the very challenging month of April and I know from speaking to him yesterday that he is very excited for the prospects here in May. If you are an experienced trader, you should seriously consider conscripting yourself into the fight. Here's the link which you can follow to submit your interest. Join today and I'm confident that you'll be adding to your physical stack in June....and July...and August...

https://www.coghlancapital.com/daytrades-application?ak=turd_army

Yesterday's beatdown did nothing to dampen the spirits nor lessen the demand of gold buyers. As Andy said, there is great interest in acquiring physical metal at 1645 and below. Now those orders are being moved UP as the buyers scale into their positions. This will continue to provide a floor for the paper market. Additionally, the chart looks quite compelling here. Not only did the long-term trendline hold as support again, the shorter term charts now clearly show solid support and a base near 1625. With the long-term line in that area, too, I think it is highly unlikely and doubtful that gold is going any lower. A month ago, I gave you 1635 as "Turd's Bottom #2". I was off by $20 and about 2 weeks early. Sorry about that. In the big picture, however, I'm right as rain on this one. Gold may continue to bang around here for a while longer but 1625-15635 is your floor now and much higher prices are coming very soon.

Silver is attempting to turn the corner here, as well. It is quite evident on these charts that the area around $31.40-31.50 is extremely important relative to short-term sentiment. And why is short-term sentiment so important? Because, to me, it's quite clear that a short squeeze in silver is possible as the specs have overplayed their hands and are now too short for their own good. A move UP and through 31.50 will begin to pressure these losers into covering and the pressure will increase with each uptick. Once this begins, silver will accelerate toward $32 and, above there, $33.

Two more things to keep an eye on today. First, The Pig is desperately clinging to support near 78.70 cash. As in the past, don't be surprised by the sudden appearance of some headlines and/or rumors, strategically released to give the worthless script a much-needed shove higher.

And crude is right on the edge of breaking resistance and moving higher. As you can plainly see, the $105 level has contained price for 4 days now. Again, don't be surprised by MOPE and/or SPIN that provides the impetus to spike the POSX while driving gold and crude lower.

OK, that's all for now. I'm off to CVS to buy Ruler II. With the volatility I expect this week heading into the BLSBS, I might want to get an extra sturdy, heavy duty model. Have a great day! TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  246 Comments

Shnozberries
May 1, 2012 - 10:27am

Hang in there bud

that is all

May 1, 2012 - 10:28am

Well, that didn't take long

I post this thread and immediately notice that The Pig has spiked and gold is $12 off its highs. On the bright side, it looks like crude has broken through $105.

What a complete joke.

Mickey
May 1, 2012 - 10:29am
SaratogaPrepper
May 1, 2012 - 10:31am

I hate it when that happens

But that is a great song.

ReachWest
May 1, 2012 - 10:33am

Shocking and Sad

Shocking, to say the least.

Well, at least, Turdites have numerous straight lines on numerous charts to remember him by.

ReachWest
May 1, 2012 - 10:40am

Schizo

We keep seeing it over and over - but - it never ceases to amaze me, how some arcane data-point (today the ISM data) can be thrown out and the market in it's schizophrenia gooses the USD and hammers back the PM's. One only needs to take two steps back, look at the longer term patterns and trends to realize how ridiculous this action is.

¤
May 1, 2012 - 10:41am

TF

Be honest, you snapped it in your hands from being so disgusted with the PM market

On another note, I actually had a short post going this a.m. with a quip in in about a ruler, protractor, dividers and compass and I deleted it because I thought it was silly (it was) and metaphorical (it was) and I nixed it. Good idea actually.

You have that 3rd eye working today or is mine in overdrive? I realize some of us definitely think on the same wave lengths but the coincidence factor sometimes astounds me.

Oh well, time for a new sceptor, I mean ruler.

Mickey
May 1, 2012 - 10:44am

This market cannot be traded by normal humans

we know that--and the problems are on several levels including important data which is gamed--as shadow stats points out rather well.

Auto sales were bad last month--down 8%--how do they account for that in ISM?

When this all implodes we will need more than PM to get us thru.

May 1, 2012 - 10:44am

here you go

a modern ruler for modern TA:

you can practically tie your mind in knots.

Big Buffalo
May 1, 2012 - 10:50am

Love spikes

Time to buy some SCO. Yes, oil can and will go up, but really, it's outside the bollinger band.

I'll take it for a small profit in a day or two.

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