Wednesday, August 10, 2011
No coincidence at all
5:38 am (Hawaii) FAZ is in a pennant formation on the 1-minute chart. Or was. Since JPM's Jamie Dimon started chatting with CNBC, FAZ has broken the narrowing range and is pushing hard on 71 again. Funny how that happens. In fact, the lower low of 69 before this move up wasn't breached as FAZ stopped at 70, then climbing up. Dimon talking about banks not really taking billions in bailouts to make money, yadayada.
If FAZ makes a second higher low in a row, I'm climbing back on board.
Update 5:48 am No higher low. Just a tight trading range and DGP firing out to 65.52.
Spot silver shooting up, now 39.05. Gold? 1788.50. A new high. Can it close above Jim Sinclair's golden angel level of 1764? There's a chance. He did say that price would be unleashed above that level.
Update 5:59 am Well, well. Dimon is still on the air at CNBC's request, and he jokes that it's about as good as paying for air time. FAZ is selling off gradually, now at 69. Meanwhile, gold is at an all-time high again at 1793. Yeah, GOLD, the metal that JPM/CME mafia officially went long on as of Friday, then again with a new target of $2,500 on Monday.
No dummies over there at JPM, clearly. But they've let silver off the leash just a bit. Brother Turd Ferguson forecast 44 for spot price of silver, just based on pattern recognition. It has run in the past half-hour just like gold. AGQ went from 196 to 205, now back at 201 (+8.5%). Entering here is fraught with risk. It's something else, though, to finally see silver, silver ETFs and miners rallying on a -400 point day for the Dow. Same with gold miners. XG was down for much of the morning, but is now up 2.9%. I'm sitting on my shares.
DGP still up 5.7% at 64.85.