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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  246 Comments

ClinkinKYBlackHawk
May 1, 2012 - 1:38pm

@ Blackhawk

That sandwich pic must have struck a nerve. We're done here.

Larry
May 1, 2012 - 1:39pm

Speaking of Rulers...

Wonder how bad the Fedskies, their international cohorts, Cabal and Cartel will screw up global currencies before their 100-year stranglehold, uh, agreement term expires in 2013?

Before that dubious date (Christmas Eve again?), will they will wreak financial havoc, destroy the Dollar, distort all the numbers, hide all the keys, hide the books, hide the algo bots, hide the computers, steal what's left of the gold, crucify pm investors, crash all the systems (blamed on terrorists of course), confuse the US Congress (the easy part), bribe the President (whomever that will be) and enrich themselves and their crony partners and banksters before they present themselves as the only entity that is smart enough to sort out, "fix" and "stabilize" the devastated global economies?

Or will they threaten, um, bribe, uh, pay off, uh, negotiate a new 100-year term as Central Bank Cartel Kings of the Empire before they have to resort to their scorched earth strategy?

Will this be an economic Sherman's March? Many assumptions and so many questions...

But seriously... has anyone seen any decent articles on what we can expect at the end of the Federal Reserve's term?

NW VIEW
May 1, 2012 - 1:42pm

MR. T.F. - BUY A SLIDE RULER -BE PREPARED

Wow, what a market today! Oil is up but consumption is down. The DOW is at new levels this year, gold and silver flat and the corporations seem to be making lots of fiat, mostly outside of America. This almost gives a feeling that everything is fixing itself in the economy.

My neighbor is still losing their home, short sales are everywhere, interest on savings is still .15%/yr., auto sales are down, flipping burger jobs are hard to find, new home construction and construction jobs are on life support, and most Americans think that the election in November will be the start of a new era of prosperity.

General Custer had an incorrect view of the battlefield ahead and was not prepared for the battle. This is still the time to retreat, downsize, plant the garden, move out of the inner coast line cities and live our lives to the fullest.

https://larryhendrick.com/main/wp-content/uploads/2007/06/slide-rule1.jpg

Driven81BlackHawk
May 1, 2012 - 1:56pm

Black hawk, its common knowledge

Some of those who followed Martin Luther broke off from him, fostering groups like the black panther party. This kind of thing happens within every group, racial, religious, social classes (wealthy and poor). Any group has its sincere followers, but not all are the same.

Sometimes people have a change of heart about the way things should be handled. Is it right? I don't know. That's for you to decide.

@ Clinkin, I prefer pastrami myself, lmao jk i personally get a kick out of your pictures each morning.

Driven81
May 1, 2012 - 2:00pm
Orange
May 1, 2012 - 2:02pm

Turd

Did Andrew Maguire update you on how he and the loyal Turdites are doing? The last I heard, about a week after they started they were 10 for 10.

If not, can one of those Turdites give us an update please.

May 1, 2012 - 2:09pm

el Gordo - could be important news

Man sues BMW, alleging motorcycle seat gave him two-year erection

Commercials for erectile dysfunction medications like Cialis end with a warning that individuals should contact their doctor if they have an erection that lasts for more than four hours.

After 20 months, Henry Wolf decided to contact a lawyer instead, claiming that the seat on his BMW motorcycle gave him an erection lasting nearly two years. The San Francisco Chronicle reports that Wolf filed a lawsuit against BMW North American and Corbin-Pacific claiming that the "ridged seat" on his 1993 motorcycle left him with mental and emotional anguish after allegedly causing an extreme case of priapism, also known as a long-lasting erection.

Wolf "has been experiencing continuing problems since his motorcycle ride," attorney Vernon Bradley of Sausalito wrote in the lawsuit, which was filed in California Superior Court in San Francisco last Thursday. "He is now unable to engage in sexual activity, which is causing him substantial emotional and mental anguish."

Bradley said the alleged case of priapism began after Wolf took a four-hour ride on his motorcycle....

https://news.yahoo.com/blogs/sideshow/man-sues-bmw-alleging-motorcycle-s...

Big Buffalo
May 1, 2012 - 2:14pm

Sharing for a slow day

I'm trying to get some better videos. This is what I have so far. This is the aquaponics system I've been working on for a couple weeks. The water level is low b/c I want to get the temp up and i'm trying to condition the water slowly as to not harm the fish.

Aquaponics
pourty
May 1, 2012 - 2:18pm

Alf Fields

Maybe I'm just a bit jaded, but it looks a lot to me like Alf's EW analysis is mostly to show us what already happened with very little prediction of the future.

The "other possibilities" were never specifically called out, but suddenly (after the fact), the move downward to $1612 was perfectly predicted, though we were never given such information in the couple of lengthy Alf Field's posts which preceded that downward move.

I'm not saying that Alf is playing us, I just wonder if those of us following this analysis are being a bit gullible.

His "Major Wave 3" target is $4500, to be hit by 2015 if I recall correctly, with two 13% corrections on the way up. I guess time will tell, but I'm suspecting we'll see further future "analyses" from Alf which, once again, playing with the percentages, suddenly show us (after the fact) that his "predictions" actually did come true, it's just no one could see it before it happened. I'm pretty good with statistics, I could "predict" in retrospect quite convincingly as well, but what would that be worth?

Perhaps if this was a truly free market, then EW analysis would make sense and predict the future. But I'm not waiting for Major Wave 4 to start buying physical... manipulated markets are unlikely to follow this type of technical analysis, IMO. But again, what do I know?

recaptureamerica
May 1, 2012 - 2:25pm

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