Turk comments

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#1 Tue, Jun 14, 2011 - 4:48pm
jerseyman
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Turk comments

Anyone think that Turk is right when he says we have bottomed in Gold and Silver and we move up from here?

Edited by: jerseyman on Nov 8, 2014 - 5:31am
Tue, Jun 14, 2011 - 11:02pm
GS_PHYS
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I cannot say for sure Turk is

I cannot say for sure Turk is right but his track record seems very sound.

I am going with his 35.65 buy. And I am in Futures so i would not sell @ -0.40 cents stops, if it goes to 33 I would add more.

Wed, Jun 15, 2011 - 2:10am
Zed
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Mebe

USD looks like it might get a bit of a short squeeze happening if we get a catalyst. This is one crowed short trade, it may go bang here, that should pressure the precious metals for at least a little while.

Turk is always overly optimistic... 2c FWIW.

Z
Wed, Jun 15, 2011 - 3:55am
tanjr364
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doubtful

agree turk's always overly optimistic.

weekly MACD and daily MACD just or are about to cross. short run is going to be very tough. Armstrong thinks if we see a high in June we'll correct into October/November. Alf Fields says there'll be a 16-20percent correction as part of wave 2 of major wave 3 which will takes us way down. Given that QE 2 is ending they'll need a good reason for a QE3 and they WILL find one no doubt. stock market crash anyone?

gonna go with this till proven wrong. we'll know in a few weeks.

Wed, Jun 15, 2011 - 5:51am
Zed
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If we break down below the

If we break down below the 50DMA here I think that we stand a good chance of approaching the 200DMA in the 1405-10 area. On a weekly closing basis I'd look for 1420 to hold, maybe higher if we get there slower, by the end of July looks about right given this chart ATM. So yeah.... I am leaning bearish for six weeks or so.

Z
Wed, Jun 15, 2011 - 6:45am (Reply to #5)
matrixsentry
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I agree Zed

Zed wrote:

If we break down below the 50DMA here I think that we stand a good chance of approaching the 200DMA in the 1405-10 area. On a weekly closing basis I'd look for 1420 to hold, maybe higher if we get there slower, by the end of July looks about right given this chart ATM. So yeah.... I am leaning bearish for six weeks or so.

I see the 1425 area holding as well. This trend from the the 2008 bottom is most orderly and forming a picture perfect staircase. Periodic 10% corrections are just enough to re-balance the market and generate interest instead of speculative blowoffs followed by cascading collapses. Heres my weekly chart:

Matrixsentry

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