I have confirmed that Wednesday July 28th is options expiration for gold and the other precious metals.
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I have also confirmed that NEVER since the gold secular bull was born in 2001 has there been 6 consecutive red WEEKLY candles on the chart. Never happened.
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Guess how many candles we have on the weekly chart this evening. Yup. 6
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Soooooooo....... WEDNESDAY is the day that IF gold is going to get plastered for a few hours - like down to $1150 or something equally silly - I don't want to miss the show. I'm so excited to see how they do this. I'm going to feel like I am waiting to see Santa alllll night.
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Afterwards there will be lots of presents and joy for the good little boys and girls who did not get suckered into selling their shares. Hold on.
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And if you have some spare cash, this is your buying opportunity that is better than any you will get for the next 4-5 months when the weekly cycle bottoms again in late October 2010.
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Click on the chart to ENLARGE
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Looks like an early Christmas...
ReplyDeleteLOL, yes indeed. A ball can only be held under water so long and when the manipulators lose control of the ball, run out of sellers and are overrun by buyers, well, this will have a happy ending. Merry Christmas (and don't forget to buy yourself a gift while they are on sale)!
ReplyDeleteGold options last trade 07/27/2010
ReplyDeletehttp://www.cmegroup.com/trading/metals/precious/gold_product_calendar_options.html
Gold futures last trade 07/28/2010
http://www.cmegroup.com/trading/metals/precious/gold_product_calendar_futures.html
The gold options settlement date for July dropped off the calendar yesterday and doesn't occur every month which may explain the larger than normal gold swoon today.
I bought some GTU last week, PHYS today, and may buy some GDX tomorrow. I would feel better about GDX if the stock market was bottoming instead of looking like it is topping (a stronger tailwind for the mining stocks).